U.S. Storm Losses Approach $3 Billion Amid Record Rain in Texas

Thunderstorms and flooding in Texas and Oklahoma fueled almost $3 billion of U.S. economic losses from natural disasters last month, insurance broker Aon Plc said.

Insurers’ cost will exceed $1 billion, the broker said in a report on Thursday.

Record rainfall and severe storms from May 23 to May 30 killed 28 people in Texas and four in Oklahoma and led to more than $1 billion of economic losses, according to Aon. Parts of the U.S. also endured tornado touchdowns, damaging winds, and softball-sized hail in the first half of the month, with heavy damage in the Plains, Midwest and eastern Rockies costing about $800 million.

The rains in Oklahoma and Texas, “which were 500 percent greater than normal values for the month of May in some locations, led to major riverine and flash flooding in areas that had long been mired in a multi-year drought,” Steve Bowen, an Aon meteorologist, said in a statement.

Severe drought in the western U.S., particularly in California, contributed to $3 billion in economic losses this year, London-based Aon’s Impact Forecasting said.

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