Global disasters in May could lead to at least $7 billion in claims as insurers aid the recovery process, according to a report from Aon Benfield’s Impact Forecasting.
After a month of wildfires, floods and storms in Canada, the report found that insured losses, including physical damage and business interruption, are expected to reach an excess of US $3.1 billion.
In Europe, convective storms and flooding caused the most damage in Germany, France, Austria, Poland and Belgium. Insurance industry associations in France and Germany have estimated a combined minimum claims payout to exceed €2 billion.
The report also noted that tentative overall economic damage was estimated to approach €4 billion.
The US suffered severe storms where total aggregate insured losses were estimated to exceed $1 billion, according to the report.
