CHICAGO, July 20, 2016 /PRNewswire/ -- Impact Forecasting,
Aon Benfield's catastrophe model
development team, today launches its Global Catastrophe Recap:
First Half of 2016 report, which evaluates the impact of the
natural disaster events that occurred worldwide in the first six
months of the year. Aon Benfield is the global reinsurance
intermediary and capital advisor of Aon plc (NYSE:AON).
The report reveals that for the first half of 2016 preliminary
global economic losses reached USD98
billion and global insured losses USD30 billion – their highest levels since 2011,
but still slightly below their 10-year averages of USD112 billion and USD31
billion respectively. However, the losses were slightly
above the longer-term averages of USD84
billion and USD24 billion
dating to 2000.
The percentage of global economic losses covered by public and
private insurers was 30 percent, slightly above the 10-year average
of 28 percent due to the prevalence of U.S. losses where insurance
penetration is higher. The U.S. accounted for 47 percent of global
insurance losses sustained by public and private insurance entities
in the period under review.
From an economic loss perspective, earthquake was the costliest
disaster type during the period (USD34
billion), comprising 30 percent of the loss total, mainly
attributable to two powerful earthquakes that struck Japan's Kumamoto region on April 14 and April
16.
From an insurance perspective, severe convective storm (SCS) was
the costliest peril (USD12.3
billion), comprising 42 percent of the loss total. Most of
the insurable losses from SCS resulted from major thunderstorm
events in the United States that
prompted widespread hail, damaging straight-line winds, and
tornadoes. The U.S. state of Texas
alone recorded roughly 55 percent of all insured SCS losses.
Meanwhile, the report highlights that there were at least six
individual billion-dollar global insured events (five of which were
weather-related) during the first half of the year, and at least 22
separate billion-dollar economic loss events – including at least
20 that were weather-related, led by the U.S. (nine events), APAC
(seven events), Americas (three events), and EMEA (three
events).
Steve Bowen, director within
Aon Benfield's Impact Forecasting
team, said: "The first half of 2016 ended up as the costliest on an
economic and insured loss basis since 2011. The year has already
been highlighted by a significant earthquake sequence in
Japan, the Fort McMurray wildfire
in Canada, flooding in
Western Europe and a series of
extensive hailstorms in the United
States. With the pending transition to La Niña during the
second half of the year, there will be a heightened focus on the
risk of flooding across parts of Asia and hurricane landfall in the Atlantic
Ocean basin. The financial toll of weather disasters during La Niña
years has historically been among the costliest on record, and so
we will wait to see whether this trend plays out in the coming
months."
To view the full Impact Forecasting Global Catastrophe Recap:
First Half of 2016 report, please follow the link:
http://aon.io/29S4aFi
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 regularly as new data
become available:
www.aonbenfield.com/catastropheinsight
About Aon
Aon plc (NYSE:AON) is a leading global
provider of risk management, insurance brokerage
and reinsurance brokerage, and human
resources solutions
and outsourcing services. Through its more than
69,000 colleagues worldwide, Aon unites to empower
results for clients in over 120 countries
via innovative risk and people solutions. For
further information on our capabilities and to learn how we empower
results for clients, please
visit: http://aon.mediaroom.com/
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Media Contact:
Alexandra
Lewis +44 207 882 0541 alexandra.lewis@aonbenfield.com,
David Bogg or Andrew Wragg
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SOURCE Aon plc