CHICAGO, July 10, 2018 /PRNewswire/ -- Impact
Forecasting, the catastrophe model development team of Aon's
Reinsurance Solutions business, 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 June 2018.
The report reveals that eight periods of severe thunderstorms
led to widespread convective storm and flash flood damage across
the eastern two-thirds of the United
States during the month, with the vast majority of the
damage resulting from large hail and damaging straight-line winds
that impacted areas of the Rockies, Plains, Midwest, Southeast, and
Northeast.
Among the hardest-hit states was Colorado, where separate major hailstorms
struck the metro areas of Denver,
Boulder, and Colorado Springs. Total combined economic
losses from all the events were anticipated to approach
USD4 billion, with insurers expected
to cover more than USD3 billion of
the economic cost.
Data from NOAA's Storm Prediction Center highlighted that nearly
5,000 combined reports of tornadoes, hail, and damaging winds were
cited in June, accounting for 45 percent of storm reports during
the first six months of 2018.
Meanwhile, major severe weather events were also recorded in
parts of Western and Central
Europe – notably Germany
and France – as well as in
Brazil, Canada, India, and China.
A USGS-registered magnitude-5.5 earthquake (separately measured
at magnitude-5.9 by the Japan Meteorological Agency) struck
Japan's Osaka Prefecture on June 18, killing at least four people and
injuring more than 434 others.
The General Insurance Association of Japan cited that 78,838 claims had already
been filed with payouts listed at JPY13.7
billion (USD125 million). This
was expected to further rise. Overall economic losses are expected
to be much higher.
Michal Lorinc, an analyst within
Impact Forecasting's Catastrophe Insight team, said: "June was one
of the most active months thus far in 2018 for natural disasters. A
plethora of major events occurred in many regions around the world
during the month – notably in the United
States, Japan, China, and Europe – which has led to a multi-billion
dollar economic toll. The natural peril risks across these regions
are well understood, and Impact Forecasting has many catastrophe
models in place to help clients better understand the hazards
associated with their portfolio exposures."
Further natural disaster events to have occurred elsewhere
during June include:
- A large volcanic eruption occurred in Guatemala on June
3, killing at least 122 people and injuring more than 300
others. The eruption of Volcán de Fuego spewed ash and molten rock,
leading to states of emergency in the departments of Escuintla,
Chimaltenango, and Sacatepéquez.
- Seasonal rainfall and convective storms associated with the
Mei-yu frontal system led to further flooding across China's Yangtze River Basin. China's National Commission for Disaster
Reduction (NCDR) cited aggregated economic losses nearing
CNY8.7 billion (USD1.3 billion).
- Further seasonal floods in Asia led to dozens of fatalities and economic
damage in the hundreds of millions (USD) in parts of India, Bangladesh, Myanmar, and Vietnam.
- Other floods were noted in Romania, Bulgaria, Ivory
Coast, Ghana, Nigeria, and New
Zealand.
- Tropical Storm Ewiniar made landfall in China's Guangdong
Province, bringing periods of heavy rainfall and gusty
winds. At least 14 people were killed or missing. The NCDR cited
total economic losses of at least CNY3.67
billion (USD570 million).
- Drought conditions in China's
Inner Mongolia led to at least USD91
million in agricultural damage.
- Significant wildfires burned across many areas of the Western
US at the end of June into July, as hundreds of homes and other
structures were destroyed.
To view the full Impact Forecasting June
2018 Global Catastrophe Recap report, please follow the
link:
http://bit.ly/if-recap-june-2018
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 Reinsurance Solutions
PR team: Andrew Wragg (+44 207 522
8183 / 07595 217168) David Bogg or
Alexandra Lewis
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alerts: http://aon.mediaroom.com
Notes to Editors
Aon announced in May 2018 it will
retire the business unit brands of Aon
Benfield and Aon Risk Solutions, which follows the
retirement of the Aon Hewitt business unit brand in 2017. This move
was designed to increase the rate of innovation across the firm and
make it easier for colleagues to work together to bring the best of
Aon to clients. Aon has five specific global solution lines:
Commercial Risk Solutions, Reinsurance Solutions, Retirement
Solutions, Health Solutions and Data & Analytic Services.
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