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US May storms exceed $3 billion

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Severe weather in the US last month led to economic losses of $US2.3 billion ($3.03 billion), with the cost expected to rise.

Impact Forecasting’s monthly catastrophe update says hail and damaging winds hit the eastern two-thirds of the country, with Ellicott City in Maryland suffering catastrophic flash flooding for the second time in less than two years.

Public and private insurers are expected to cover more than two-thirds of the losses.

Thunderstorms in Canada cost insurers more than $US425 million ($559.45 million), the Aon Benfield subsidiary says. The industry has paid out $US325 million ($427.81 million).

Storms in western and central Europe are likely to cost insurers hundreds of millions of dollars, and economic losses from flooding throughout China passed $US400 million ($526.54 million). Nearly 300 people died in storm-related incidents in India.