$1 Billion in Damage Caused By May Storms

Economic losses from severe May storms, tornadoes and floods were estimated at nearly $3 billion, with insurance insured losses set to easily exceed $1 billion despite low flood insurance penetration in parts of Oklahoma and Texas, according to the latest edition of Impact Forecasting’s Global Catastrophe Report. The report evaluates the impact of the natural disaster events that occurred worldwide during May 2015. The report reveals that powerful thunderstorms caused major flooding across the U.S. states of Texas and Oklahoma during the month, killing 41 people and damaging more than 5,000 homes in Texas alone, resulting in what proved to be the wettest May on record for both states.