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Severe US weather insurance payouts reach billions

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Insurance payouts for severe thunderstorms across the US are reaching billions of dollars, according to Impact Forecasting’s monthly global disaster recap.

In the Midwest, payouts reached $US510 million ($744.16 million), with most of the damage caused by hail within greater Minneapolis. Total economic damage was estimated at $US675 million ($984.92 million).

In Montana, $US425 million ($620.14 million) in insurance was paid out. Residents of North and South Dakota, who were pummelled by severe storms, were paid out $US110 million ($160.51 million) in claims. An almost stationary thunderstorm in Baltimore caused millions in economic damage.

Two powerful storms across the Rockies, Plains and Midwest throughout August led to insurers paying out a combined $US350 million ($510.70 million) out of nearly $US425 million ($620.14 million) in economic losses. The northeast was also affected.

In China, heavy rains following Typhoon Lekima caused $US10 billion ($14.59 billion) in economic damage, while in India economic losses from monsoonal rainfall caused $US5.54 billion ($8.08 billion) damage.

Insured losses from severe thunderstorms and tornadoes across Europe on August 9 is expected to exceed $U$112 million ($163.42 million). Severe weather later in the month caused more than $US300 million ($437.74 million) in damages.

Insurance payouts in Turkey from flooding over August are likely to exceed tens of millions of dollars.