CHICAGO, April 7, 2017 /PRNewswire/ -- Impact
Forecasting, Aon Benfield's
catastrophe model development team, today launches the latest
edition of its monthly Global Catastrophe Recap report, which
evaluates the impact of the natural disaster events that occurred
worldwide during March 2017. Aon
Benfield is the global reinsurance intermediary and capital advisor
of Aon plc (NYSE: AON).
The report reveals that an extremely active period for severe
weather persisted in the United
States throughout March, as four separate significant
outbreaks led to extensive damage in central and eastern parts of
the country.
The most prolific outbreak from March
6-10 resulted in major damage from tornadoes, large hail and
straight-line winds in the Plains, Midwest and Southeast. Total
economic losses for this event alone were estimated at USD1.7 billion, while public and private
insurance claims were listed at USD1.2
billion.
The aggregated cost to the insurance industry from the four
events was expected to exceed USD2.0
billion.
Through the first quarter of 2017, the U.S. has seen an
above-average number of storm reports.
Meanwhile, Cyclone Debbie made landfall in Australia, prompting flooding that killed 10
people in southeastern Queensland
and northern New South Wales. The
Insurance Council of Australia
declared an insurance catastrophe following extensive wind and
flood damage, and preliminary data indicated that 35,370 claims had
been initially filed, with insurance payouts exceeding USD310 million. These totals were expected to
rise, and the overall economic cost is forecast to be even
higher.
Steve Bowen, Impact Forecasting
director and meteorologist, said: "There was no shortage of
significant natural disasters in March, and while re/insurers'
focus was largely on the events in the
United States and Australia, there were other major occurrences
in emerging areas for the industry. For instance, a phenomenon
deemed a 'coastal El Niño' was blamed on catastrophic flooding in
both Peru and Colombia, highlighting that there remain areas
around the world where insurance can play a critical role in
helping people in the aftermath of a disaster."
Further natural hazard events to have occurred worldwide during
March include:
- Separate severe weather outbreaks killed 19 people in
Ghana, damaged thousands of homes
in Thailand, and caused extensive
damage to property and agriculture in China's Yunnan province.
- Cyclone Enawo made landfall in Madagascar and claimed nearly 100 lives. As
many as 85,000 homes were damaged or destroyed and 434,000 people
were directly affected.
- Windstorm Zeus came ashore in France, killing two people and leading to
widespread wind damage. Total economic and insured losses were
expected to well exceed USD100
million.
- Catastrophic flooding – associated with what scientists are
deeming a 'coastal El Niño' – led to continued damage in
Peru and Colombia. More than 100 people were killed by
flooding and landslides in Peru
and over 245,000 homes and structures were damaged or destroyed.
Economic losses were listed at upward of USD3.1 billion. In Colombia, rains led to a massive debris flow
in the town of Mocoa that left at least 301 people dead and
hundreds more injured. As many as 314 people were listed as
missing.
- Other major floods were recorded in New Zealand, Indonesia, Angola, and Zimbabwe.
- Severe drought conditions worsened in Africa's Somalia, Ethiopia, and Kenya, as the United Nations appealed for
USD1.9 billion in aid.
- Sub-freezing temperatures led to an expected USD1.0 billion cost to agriculture in the U.S.
states of South Carolina and
Georgia. Winter storm damage was
also noted in Canada's
Newfoundland.
- Wildfires claimed seven lives in the U.S., following major
fires in Oklahoma, Texas, Kansas, and Colorado.
- A magnitude-5.0 earthquake in China's Yunnan province damaged nearly 45,000
structures.
To view the full Impact Forecasting March
2017 Global Catastrophe Recap report, please follow the
link:
http://aon.io/2oOIMHE
Along with the report, users can access current and historical
natural catastrophe data and event analysis on Impact Forecasting's
Catastrophe Insight website, which is updated bi-monthly as new
data become available:
www.aonbenfield.com/catastropheinsight
Sign up for Impact Forecasting Revealed in
New York, Bermuda, Singapore, Zurich and London to explore the latest developments in
catastrophe management.
Further information
For further information please contact the Aon Benfield PR team:
Andrew Wragg (+44 207 522 8183 / 07595 217168) David Bogg or
Alexandra Lewis
Follow Aon on Twitter: https://twitter.com/Aon_plc
For information on Aon plc. and to sign-up for news
alerts: http://aon.mediaroom.com
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SOURCE Aon plc