Rammasun becomes costliest weather event of 2014 after causing $6.5bn Asia loss, according to Impact Forecasting catastrophe report
CHICAGO, Aug. 6, 2014 /PRNewswire/ -- Impact Forecasting, the catastrophe model development center of excellence at Aon Benfield, today releases the latest edition of its monthly Global Catastrophe Recap report, which reviews the natural disaster perils that occurred worldwide during July 2014. Aon Benfield is the global reinsurance intermediary and capital advisor of Aon plc (NYSE: AON).
The report reveals that Super Typhoon Rammasun made separate landfalls in the Philippines and China, causing widespread damage and killing at least 206 people and injuring hundreds more. In the Philippines, total economic damages across the agriculture and infrastructure sectors were listed at PHP10.8 billion (USD250 million), while in China, the Ministry of Civil Affairs (MCA) noted that 272,000 homes had been damaged amid total economic losses listed at CNY38.5 billion (USD6.25 billion).
Additional flood and wind damage from the super typhoon was reported in Vietnam, leading to total economic losses of VND125 billion (USD6.2 million). As at July 31, Rammasun's overall economic damage total of USD6.5 billion had made it the costliest weather event of 2014.
Meanwhile, Typhoon Matmo made separate landfalls in Taiwan and China after first passing by the Philippines, resulting in at least 15 fatalities. In Taiwan, economic losses from the typhoon totaled TWD595 million (USD20 million), while in China total economic losses were listed at CNY3.4 billion (USD550 million).
Torrential monsoon rains brought significant flooding across southern China throughout July, leaving 102 people dead or missing. China's Ministry of Civil Affairs (MCA) noted that a combined 90,000 homes were damaged by the floods, with total economic losses listed at nearly CNY11 billion (USD1.8 billion).
Flooding was also prevalent in parts of Europe during the latter half of the month, with three fatalities reported as thunderstorms and flooding rains impacted Bulgaria, Romania, the Netherlands, the UK, Switzerland, Slovakia, and Croatia. Overall economic losses across the continent were expected to exceed EUR100 million (USD135 million), and preliminary insured losses were listed at nearly EUR15 million (USD20 million).
Adam Podlaha, Head of Impact Forecasting, said: "Flood is consistently one of the most costly natural perils for insurers, reinsurers and economies worldwide, with three of the past five years experiencing global economic losses from flood that were far higher than the 10-year average of USD47bn. Impact Forecasting has built numerous flood models to quantify clients' regional exposures to flood risk, with a particular on central and eastern Europe, the U.S. and more recently Asia. An updated version of our U.S. river flood model, which has been well-received by insurers and reinsurers as well as organizations with U.S. infrastructures, will be released in the third quarter this year. Existing and new users of the model will benefit from being able to track the impact of flood risk on their businesses using the latest data and insights."
Elsewhere, two stretches of severe weather impacted central and eastern sections of the United States during July. The most damaging event stretched from the Rockies to the Northeast and resulted in total economic losses estimated at USD350 million and insurance losses in excess of USD225 million.
A magnitude-6.9 earthquake struck Mexico's Chiapas state, near the border of Guatemala, killing nine people, and causing total economic damages in excess of USD25 million.
Drought conditions worsened in northern China as economic losses reached CNY8.7 billion (USD1.4 billion).
Washington's Carlton Complex Fire became the largest wildfire in state history, killing one person and destroying at least 300 homes.
To view the full Impact Forecasting July 2014 Global Catastrophe Recap report, please follow the link below:
To access the Catastrophe Insight website, please visit:
About Aon Benfield
Aon Benfield, a division of Aon plc (NYSE: AON), is the world's leading reinsurance intermediary and full-service capital advisor. We empower our clients to better understand, manage and transfer risk through innovative solutions and personalized access to all forms of global reinsurance capital across treaty, facultative and capital markets. As a trusted advocate, we deliver local reach to the world's markets, an unparalleled investment in innovative analytics, including catastrophe management, actuarial and rating agency advisory. Through our professionals' expertise and experience, we advise clients in making optimal capital choices that will empower results and improve operational effectiveness for their business. With more than 80 offices in 50 countries, our worldwide client base has access to the broadest portfolio of integrated capital solutions and services. To learn how Aon Benfield helps empower results, please visit aonbenfield.com.
About Impact Forecasting® LLC
Impact Forecasting is a catastrophe modeling center of excellence whose seismologists, meteorologists, engineers, mathematicians, finance risk management and insurance professionals analyze the financial implications of natural and man-made catastrophes around the world. Impact Forecasting's experts develop software tools and models that help clients understand risks from hurricanes, tornadoes, earthquakes, wildfires and terrorist attacks on property, casualty and crop insurers and reinsurers. To find out more about Impact Forecasting® LLC, visit www.impactforecasting.com.
SOURCE Aon Benfield