CHICAGO, Feb. 9, 2016 /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 January 2016. Aon Benfield is the global
reinsurance intermediary and capital advisor of Aon plc
(NYSE:AON).
The report reveals that a powerful winter storm brought
prodigious snowfall, high winds, coastal flooding, freezing rain,
ice, sleet, and severe thunderstorms to the Eastern United States during the second half
of January, killing 58 people and injuring dozens of others.
States of emergency were declared in 11 states and Washington, D.C. as the event was rated the
fourth-largest winter storm in the Northeast and Mid-Atlantic since
the 1950s by the National Oceanic and Atmospheric Administration
(NOAA).
Total economic losses were tentatively estimated to exceed
USD2.0 billion, while insured losses
both from private and public entities were projected to reach well
into the hundreds of millions.
Meanwhile, a prolonged period of Arctic cold and snowfall
covered much of East Asia causing
significant damage and impacting travel. At least 116 people were
killed across Taiwan, Thailand, Japan, South
Korea, and China.
Total combined economic losses from the event were cited at
nearly USD2.0 billion, with
China incurring CNY10.6 billion (USD1.6
billion) of the total cost.
Adam Podlaha, Head of Impact
Forecasting, said: "Winter in the Northern Hemisphere was on full
display to begin 2016, with several winter storm events impacting
parts of the United States,
Asia and Europe. Despite winter weather historically
not being one of the costliest perils when compared to tropical
cyclones or flooding, these winter events can still pose
billion-dollar costs to the global economy. The peril continues to
be of interest to the insurance industry as claims resulting from
heavy snow or ice often quickly accumulate."
Further natural hazard events to have occurred during
January 2016 include:
- Windstorm Marita, also known locally as Gertrude, which
impacted areas of the United
Kingdom, Ireland and
Scandinavia, resulting in total economic and insured losses
expected to exceed USD100
million.
- A series of Pacific storm systems fueled by El
Niño, which brought heavy rainfall, snow and isolated
severe weather to portions of California in early January. Total economic
losses were estimated to exceed USD125
million; while public and private insurers listed payouts in
excess of USD65 million.
- Heavy rains, which impacted parts of Brazil and Ecuador, killing at least 12 people and
destroying more than 15,000 homes. Total combined economic losses
were in excess of USD110
million.
- A magnitude-6.7 earthquake, which struck northeast
India on January 3, killing at least 22 people and
injuring around 300 others. Total economic losses were beyond
INR5.0 billion (USD75 million).
- The Waroona Fire in Western
Australia, which killed at least two people and destroyed
180 structures in the hardest-hit communities of Yarloop, Waroona,
Hamel, and Cookenup. The Insurance
Council of Australia declared
cited insured losses minimally at AUD57 million (USD42 million).
- Drought conditions in South
Africa, which caused agricultural damage of around
ZAR4.0 billion (USD250 million).
To view the full Impact Forecasting January 2016 Global Catastrophe Recap report,
please follow the link:
http://aon.io/1SEBJgo
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
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SOURCE Aon plc