CHICAGO, June 8, 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 May 2017. Aon
Benfield is the global reinsurance intermediary and capital advisor
of Aon plc (NYSE:AON).
The report reveals that several major outbreaks of severe
weather swept across central and eastern sections of the United States during the month, causing
extensive damage through large hail, straight-line winds, tornadoes
and isolated flash flooding.
The most prolific event occurred in the greater Denver, Colorado metro region, where damage
from up to softball-sized hail led to insurance payouts of more
than USD1.4 billion in the state
alone. Significant damage from severe storms was also cited in
parts of the Plains, Midwest, Southeast, and the Mid-Atlantic.
Total aggregated economic losses from US severe weather in May
was set to exceed USD4.0 billion,
while public and private insurers faced a combined payout
approaching USD3.0 billion. These
totals were subject to change as further assessments were
conducted.
Meanwhile, the combination of the arrival of the southwest
monsoon and a developing tropical cyclone led to significant
rainfall across Sri Lanka, killing
at least 213 people, with another 77 people listed as missing and
presumed dead. Nearly 150 others were injured.
Flooding and landslides affected 15 of the country's 25
districts and left more than 22,200 homes damaged or destroyed.
Thousands of other structures (including hospitals, schools and
religious facilities) were inundated. Total economic losses were
preliminarily estimated at USD197
million.
Claire Darbinyan, Impact
Forecasting Associate Director and Meteorologist said: "With the
onset of the annual monsoon season for many Asian nations, the
events seen in the month of May provided a potential precursor to
some of the impacts typically experienced in the region during the
months of June, July, and August. The early monsoon rains were
enhanced over Sri Lanka causing
significant property damage and loss of life. As catastrophe models
become more prevalent in Asia, the
re/insurance industry is better able to provide a clearer
understanding of the risks that the flood peril increasingly poses
in the region. The opportunity exists for the industry to engage
with governments, communities and businesses to share their
expertise to help mitigate the effects of such natural
disasters."
Other natural hazard events to have occurred elsewhere during
May include:
- Cyclone Mora made landfall in Bangladesh, prompting widespread flood and
wind damage. Affects were later felt in Myanmar. At least nine people were killed and
a combined 50,000 homes and other structures were damaged. Overall
aggregated losses were expected to exceed USD100 million.
- Powerful thunderstorms led to widespread hail and wind damage
in parts of Canada, Russia, China, and Bangladesh. Total combined economic losses
were well beyond USD100 million.
- In Canada, separate bouts of
excessive rainfall led to major flooding events in Ontario, Quebec, the Canadian Maritimes and
British Columbia, killing at least
four people and damaging more than 5,200 homes.
- Major flood events affected Brazil, Kenya, Tanzania, and Indonesia.
- Multiple regions of the globe dealt with worsening drought
conditions. In China, the northern
provincial areas of Inner Mongolia, Hebei and Liaoning cited agricultural losses of at least
USD122 million. The ongoing drought
in South Africa saw costs likely
to exceed USD100 million.
- Cyclone Donna became the strongest cyclone ever recorded in the
Southern Hemisphere during the month of May. The storm tracked
through the South Pacific Islands and caused extensive damage in
parts of the Vanuatu island chain,
New Caledonia and the Solomon Islands.
- Separate moderate earthquake events struck Iran (magnitude-5.8) and China (magnitude-5.4), killing 11 people and
injuring hundreds more. Thousands of homes collapsed.
To view the full Impact Forecasting May
2017 Global Catastrophe Recap report, please follow the
link:
http://aon.io/2sh7Co4
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
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
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alerts: http://aon.mediaroom.com
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SOURCE Aon plc