This week's Insurance Claim Summary covers the Global Catastrophe Recap for March and the agricultural loses experienced by some farmers in the Louisiana area.
The Global Catastrophe Recap report for the month of March has been released, and it is not good news for the United States. According to the Aon Benfield's report, which reports on the impact of natural disasters, storms across the country are forecasted to cost insurers $2 billion. The total economic loss is likely to reach $3.5 billion.
This is the result of seven major storm systems that moved across the U.S. causing tornadoes, heavy snow, hail, flooding, and high winds. These storms affected numerous states including Texas, California, Mississippi, Arkansas, Ohio, Louisiana, Alabama, Oklahoma, Tennessee, and the Carolinas. At least six people lost their lives due the storms.
Texas suffered some of the worse damage, reporting an estimated $1.1 billion dollars in losses. The Federal Emergency Management Agency (FEMA) declared much of the state a federal disaster after severe flooding, tornados, and golf size hail from numerous storms caused damage to more than 125 ,000 homes.
Farmers in Louisiana suffered great agricultural loss from flooding. An economist with The Louisiana State University (LSU) AgCenter is saying that damage could top $15 million. Around 40,000 acres of corn were lost across the north of the state and spanning into the Mississippi Delta region, causing an estimated crop loss of $3-4 million. Cattle producers report between 400 and 500 head of cattle died in the flood.
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