Aon Benfield’s July Cat Report Confirms Canada’s 2nd Billion Dollar Loss

According to the latest Global Catastrophe Recap report from Impact Forecasting, the catastrophe model development center of excellence at Aon Benfield, the “strong thunderstorms” that “brought record rainfall to the greater Toronto metropolitan region,” resulted in “Canada’s second billion-dollar natural disaster event of 2013 – the first being an extensive flood event that inundated the province of Alberta in June.”

The report notes that there were no “fatalities or serious injuries” reported from the flooding,” and power outages, and total economic losses were estimated to approach C$1.5 billion (US$1.45 billion).” Roughly half of that cost is expected to be covered by insurance, around C$750 million (US$730 million).

The U.S. was also hit by “three stretches of severe weather” in July, which the report described as “comprising highly damaging straight-line winds and hail. Total combined economic and insured losses were expected to reach hundreds of millions of dollars.”

Steve Jakubowski, President of Impact Forecasting, said: “With the calendar turning into August, the focus in the United States begins to shift from tornadoes to hurricanes as we begin to enter the peak of the Atlantic Hurricane Season.

“The U.S. remains in a record stretch without a major hurricane landfall (Category 3+), though recent history with Superstorm Sandy (2012), Hurricane Irene (2011) and Hurricane Ike (2008) shows that storms with weaker intensities can still cause catastrophic damage. Historical averages suggest that the U.S. is overdue for a major hurricane landfall, and we’ll watch to see what the rest of the 2013 season brings.”

Other natural disasters occurred on a global basis in July, particularly in Asia, where “seasonal rainfall swept across several Asian countries.”

China was among the hardest-hit, with three stretches of severe rainfall killing more than 225 people and causing economic losses in excess of more than $1 billion.

Monsoon rains prompted renewed flooding and landslides in northern India, killing at least 174 people in the state of Uttar Pradesh.

Elsewhere in Asia, excessive rainfall resulted in dozens of casualties and severe damage across Indonesia, Myanmar, Thailand, Vietnam, Japan, and North Korea.

A magnitude-5.9 earthquake occurred in China’s Gansu Province, killing at least 95 people, injuring 2,840 others, and causing total economic losses at CNY20 billion (US$3.25 billion) according to the Ministry of Civil Affairs (MCA), with an estimated 80,000 homes damaged or destroyed.

Also in Asia, a magnitude-6.1 earthquake impacted Indonesia’s Aceh Province, killing at least 39 people and injuring more than 2,362 others. The heaviest damage was recorded in the districts of Bener Meriah and Central Aceh, where a combined 16,019 homes and 626 public facilities were damaged or destroyed.

In New Zealand, a magnitude-6.5 earthquake occurred in the Cook Strait causing minor damage across the North and South islands. Four people were injured and the New Zealand Earthquake Commission (EQC) reported that at least 3,128 insurance claims had been filed, resulting in an estimated insured loss of NZ$50 million (US$40 million).

Three tropical cyclones affected Asia during July, the costliest being Super Typhoon Soulik, which caused US$460 million in economic damages after making landfall in Taiwan and China. In addition Typhoon Rumbia caused economic losses of US$177 million in China after affecting the provincial regions of Guangdong, Guangxi and Yunnan; and Tropical Storm Cimaron made landfall in China’s Fujian Province, causing an estimated US$253 million in economic damages.

Hurricane Erick skirted the western Mexico coastline, killing two people; while Tropical Storm Chantal degenerated while crossing the Caribbean Sea.

The full report may be accessed on the Aon Benfield website.

Source: Impact Forecasting – Aon Benfield

Topics Catastrophe USA Profit Loss Hurricane China Aon Canada Earthquake