CHICAGO, May 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 April 2016. Aon
Benfield is the global reinsurance intermediary and capital advisor
of Aon plc (NYSE:AON).
The report reveals that two major earthquakes struck southern
Japan during the month, causing
massive devastation and killing at least 66 people, with more than
4,000 others injured. Total economic losses, including physical
damage to residential and commercial structures, vehicles and
infrastructure, and business interruption, were expected to exceed
JPY1.12 trillion (USD10 billion).
The General Insurance Association of Japan reported that nearly 70,000 non-life
claims had been filed, as total insured losses were expected to
breach JPY225 billion (USD2.0 billion).
Meanwhile, a major magnitude-7.8 earthquake struck Ecuador's northwest coast on April 16, killing at least 660 people and
injuring more than 17,638 others. According to government figures,
the total economic cost for the damage and reconstruction was
expected to be above USD3.0 billion.
Given low insurance penetration levels, the insured loss was set to
be a fraction of the overall financial cost.
Steve Bowen, Director at Impact
Forecasting, said: "The global footprint of natural disaster losses
in April was significant. Between major events such as the Kumamoto
earthquake, the severe convective storms and flooding in
the United States, and flooded
agriculture in Argentina, economic
and insured losses are poised to make this the costliest April
since 2011. The large differential between the economic and insured
losses is yet another reminder of how much opportunity exists for
the insurance industry to help engage with governments, communities
and businesses around the world to provide the risk expertise that
can help mitigate the effects of natural disasters."
Natural hazard events to have occurred elsewhere during April
include:
- Five outbreaks of severe convective storms impacted
the United States, causing total
aggregated economic losses estimated to exceed USD4.0 billion, and insurance losses beyond
USD3.0 billion.
- Excessive rains led to considerable flooding across
Argentina, with the provinces of
Entre Rios, Corrientes, Santa Fe,
Chaco, Formosa, and Santiago del
Estero and Uruguay
sustaining the worst damage. Total economic losses to agriculture
alone were estimated at ARS18.6
billion (USD1.3 billion).
- A prodigious U.S. rainfall event caused major flash flooding in
the greater Houston metro region,
resulting in total economic losses expected to exceed USD1.0 billion.
- Major flood events were recorded in Chile, China,
Ecuador, Uruguay, Haiti, Russia, Saudi
Arabia, Yemen, Oman, Uganda,
Angola, Somalia, Ethiopia, India, and Afghanistan.
- The combination of heavy rainfall from two tropical
disturbances and Tropical Cyclone Zena led to flooding across
several islands of the Fiji
archipelago, killing two people.
- An unseasonably intense heatwave killed at least 300 people in
India, with the states of
Telangana and Andhra Pradesh noting temperatures above 44°C
(111°F).
To view the full Impact Forecasting April
2016 Global Catastrophe Recap report, please follow the
link:
http://aon.io/1q16IXe
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
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SOURCE Aon plc