CHICAGO, Aug. 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 July 2017. Aon Benfield is the global reinsurance
intermediary and capital advisor of Aon plc (NYSE:AON).
The report reveals that relentless seasonal flooding that began
in mid-June resulted in continued fatalities and damage across
parts of Asia during the month.
The greatest impacts were recorded in China, where nearly 200 people were left dead
or missing and hundreds of thousands of homes were damaged or
destroyed. The Ministry of Civil Affairs listed combined economic
flood damage at more than USD10
billion during a six-week stretch, much of which occurred in
the Yangtze River Basin.
Heavy flooding also occurred in Japan following the landfall of Tropical Storm
Nanmadol and abundant remnant moisture associated with a frontal
boundary, with more than 2,600 homes and other structures damaged
or destroyed as extensive flooding and landslides affected
Fukuoka, Oita, Shimane, Kumamoto,
and Hiroshima prefectures. Total
economic losses were expected to near USD1.0
billion.
Meanwhile, monsoon rains killed hundreds and caused major damage
to structures, agriculture and infrastructure in parts of
India, Bangladesh and Pakistan. Total economic damage was minimally
listed in the hundreds of millions (USD).
Additional seasonal rains in Thailand killed at least 23 people and caused
economic damage in excess of USD300
million, while flash flooding in northern Switzerland prompted claims payouts of nearly
USD90 million.
Two separate instances of powerful thunderstorms resulted in
considerable damage in Turkey,
marked by large hail and flooding throughout the greater
Istanbul metro region. Turkish
insurers anticipated combined claims payouts reaching USD440 million; overall economic losses were
higher.
Additional severe thunderstorms and subsequent flooding affected
many sections of the United
States. Damage and casualties resulting from large hail,
straight-line winds, isolated tornadoes and flash floods were noted
in the Midwest, Plains, Southeast, Mid-Atlantic and the Desert
Southwest. Total combined economic and insured losses were expected
to enter the hundreds of millions (USD).
Claire Darbinyan, Impact
Forecasting Associate Director and Meteorologist said: "There was
no shortage of global natural disasters during July, though the
vast majority were reported in Asia where enhanced seasonal monsoon rainfall
over China and throughout
South Asia led to significant
flooding that caused considerable loss of life, and billions of
dollars of damage to property and agriculture. In addition, three
tropical cyclones in the region enhanced the monsoonal flow to
trigger further flooding in multiple countries. Given low levels of
insurance penetration in the region, the majority of these losses
are expected to be uninsured, highlighting the considerable
protection gap and the potential for re/insurers to further offer
their specialist risk management skills."
Other natural hazard events to have occurred elsewhere during
July include:
- Major severe weather events were noted in Canada, China, and Europe.
- Officials in Italy reported
that prolonged drought conditions has cost the economy some
EUR2.0 billion (USD2.3 billion) in economic losses. Production of
vegetables, fruits, cereals, vines, and olives were all impacted by
the abnormally dry conditions which prevailed across the country
during the first half of 2017.
- Extreme heat and drought conditions led to wildfire damage
across parts of the United States,
Canada, Portugal, France, and the Balkans.
- Tropical Storm Talas made landfall in Vietnam, causing USD44
million in economic damage.
- Strong earthquakes were recorded in the Philippines, Greece, Turkey, and China.
- A winter storm brought high winds and flooding to New Zealand; damage estimated in the millions
(USD).
To view the full Impact Forecasting July
2017 Global Catastrophe Recap report, please follow the
link:
http://aon.io/2fmZ3TM
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
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
View original content with
multimedia:http://www.prnewswire.com/news-releases/asia-records-10bn-economic-loss-as-severe-flooding-continues-in-july-according-to-aon-catastrophe-report-300501176.html
SOURCE Aon plc