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9, 2017 1:59 PM Insurance and reinsurance markets face over $1 billion of losses due to severe weather around the globe in February 2017, according to the latest monthly update from Aon Benfield's risk modelling unit Impact Forecasting. As ever, with the continued expansion of insurance-linked securities (ILS) funds into reinsurance and also primary catastrophe exposed insurance markets, the chances of some level of impact to ILS funds or reinsurance sidecar vehicles is almost guaranteed. A number of severe weather events around the world occurred in February, adding to an expected insurance market loss of in excess of $1 billion. Impact Forecasting highlight five outbreaks of severe convective or thunderstorm type weather that hit the United States in February, with one of these outbreaks resulting in 60 confirmed tornado touch-downs in the Midwest, Southeast, and Mid-Atlantic. Illinois, Missouri, Indiana, Arkansas, Kentucky, and Tennessee were among the hardest hit states, as large hail and damaging winds also caused damage to homes, businesses, vehicles, and other structures. Economic and insured losses from this one event are estimated at minimally in the hundreds of millions of dollars (USD), Impact Forecasting said. European windstorm Thomas is set to be the costliest European windstorm event of the season, the company said, with preliminary insured loss estimates put at above EUR100 million (USD105 million) across both the U.K. and Germany . Finally, the powerful thunderstorms and resulting hail that hit regions of New South Wales, Australia, including Sydney, led to widespread damage and disruption. As we wrote earlier this week, the insurance loss from just IAG and Suncorp ( OTCPK:SNMCY ) has been put at around AU $370 million (US $280 million or higher).