Insured catastrophe losses over $2 billion in March 2012: Aon Benfield

A rash of tornadoes in the United States and an earthquake in Mexico were the main sources for a heavy natural disaster toll in March 2012, according to Aon Benfield.

At least 65 tornado touchdowns were reported in the United States, including two EF-4 tornadoes that caused severe damage in southern Indiana, Kentucky, Tennessee and southwest Ohio. “Total economic losses were estimated at approximately $2 billion, while insured losses are expected to breach $1.1 billion amid more than 170,000 insurance claims,” according to Aon Benfield’s Global Catastrophe Recap Report.

In addition, the report listed the EF-3 tornado that hit southeastern Michigan, resulting in “at least 20,000 claims with payouts expected to exceed $150 million.”

“Through the first three months of 2012, we have already sustained more than $1.8 billion in insured losses from convective storm events as we enter the climatologically most active severe weather months of the year,” said Steve Jakubowski, president of Impact Forecasting, which conducted the study on behalf of Aon Benfield.

A magnitude-7.4 earthquake jolted central and southern Mexico in March. The Mexican Association of Insurance Institutions (AMIS) reported insured losses of approximately