Aon Benfield’s Impact Forecasting launches monthly global catastrophe report as an important resource for re/insurers
Aon Benfield, the world’s premier reinsurance intermediary and capital advisor, today announces the launch of a new monthly report that analyses recent catastrophic events across the world.
Published by the company’s Impact Forecasting team, who evaluate global perils for the re/insurance industry, the Monthly Cat Recap provides a valuable round-up of catastrophe data, including event magnitudes, economic and insured loss figures, and impact on local population and infrastructure.
The January 2010 study highlights the devastation caused by the Haitian earthquake – one of the deadliest natural disasters in a century. The magnitude-7.0 event struck on January 12 and was followed by a massive global relief effort to assist the three million Haitians affected.
To date, the earthquake is estimated to have claimed more than 200,000 lives, and while total economic losses amount to billions of US dollars, the insured loss figure is far smaller due to low insurance penetration in the region.
Steve Jakubowski, President of Impact Forecasting, said: “The impact of the Haitian earthquake is still being felt, and while insurance schemes have been activated to help repair the damage wrought, their contribution is relatively small compared to the total economic loss suffered in the region. The mobilisation of international relief efforts has been, and will continue to be, vital in assisting Haiti to get back on its feet.”
Significant natural catastrophes also occurred elsewhere across the world in January.
On January 9, California suffered a magnitude-6.5 earthquake off the northern coast, causing damage to 463 buildings with an estimated cost of USD43 million.
In the Mexican state of Baja California, severe flooding was witnessed between January 18-22, which left three people dead and more than 800 homes damaged. Meanwhile, heavy rains in South America killed more than 150 people and damaged tens of thousands of homes in Brazil, Peru and Bolivia.
In Europe, a severe cold snap and extended winter weather affected several countries, claiming 276 lives – including 202 in Poland alone. In the UK, 29 people died during what was the longest cold period since 1981, and the economic loss was estimated at USD1.6 billion (GBP1 billion). Germany suffered nine deaths due to the cold weather, with an economic loss of around USD3 billion (EUR2 billion).
In parts of Africa and the Middle East, flash flooding was prevalent in January. In Kenya, around 30,000 homes were destroyed and at least 35 people killed during two consecutive weeks of heavy rains. In Egypt, 15 people were killed and nearly 2,000 buildings damaged due to severe floods.
During the month, Asia was struck by a range of natural catastrophes, with earthquakes affecting Tajikistan and the Solomon Islands, destroying more than 2,000 homes, while cold weather impacted China, South Korea and India, resulting in nearly 50 deaths.
Meanwhile, heavy rains impacted Pakistan, Indonesia, Israel, Jordan, and Australia – where more than 1,200 people were evacuated from their homes in New South Wales following a prolonged period of rain.
About Aon Benfield
As the industry leader in treaty, facultative and capital markets, Aon Benfield is redefining the role of the reinsurance intermediary and capital advisor. Through our unmatched talent and industry-leading proprietary tools and products, we help our clients to redefine themselves and their success. Aon Benfield offers unbiased capital advice and customized access to more reinsurance and capital markets than anyone else. As a trusted advocate, we provide local reach to the world’s markets, an unparalleled investment in innovative analytics, including catastrophe management, actuarial, and rating agency advisory, and the right professionals to advise clients in making the optimal capital choice for their business. With an international network of more than 4,000 professionals in 50 countries, our worldwide client base is able to access the broadest portfolio of integrated capital solutions and services. Learn more at 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.
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