According to Aon Benfield, the bill for the natural catastrophes that occured in May 2016 would amount to nearly 7 billion USD for insurers.
In Canada, insured losses of Alberta wildfires are estimated at more than 3.1 billion USD. Following this loss, nearly 10% of the city of Fort McMurray was reduced to ashes.
In the American Midwest, the damage caused by tornadoes and hail totaled more than 1 billion USD for the insurance companies.
In Europe, the total claims following the storms and floods amounted to 2.3 billion USD. In Asia, Roanu cyclone that hit Bangladesh, China, India, Myanmar and Sri Lanka, also caused enormous damage.
The latter is estimated at around 1.7 billion USD. However, the low insurance penetration rate in these regions should significantly reduce the bill for insurers.