Severe global flooding causes widespread losses in Asia
Pakistan hit by worst floods since 1929
London, Aon Benfield, the world’s premier reinsurance intermediary and capital advisor, today releases the latest edition of its Monthly Cat Recap report, which provides an analysis of worldwide catastrophic events in July.
Published by the company’s Impact Forecasting team, who evaluate global perils for the re/insurance industry, the report highlights that the month witnessed some of the worst flood events in history, with Asia being particularly affected by the deluge.
In Pakistan, more than 1,500 people died when monsoonal rains gave rise to flooding and landslides between July 21-29. At least an estimated 250,000 homes were damaged or destroyed and economic losses are expected to reach hundreds of millions of U.S. dollars.
Meanwhile, China also suffered from severe rainfall and subsequent flooding around the Yangtze River, with more than 650,000 homes affected and economic losses estimated at CNY84.8bn (USD12.5bn) solely in the month of July.
Steve Jakubowski, President of Impact Forecasting, said: “The flooding across Asia has displaced millions of people and destroyed many millions of hectares of farmland. In some cases, farming companies were reporting that 80 percent of their crops had been destroyed, which is devastating to the livelihoods of those affected and will have a significant impact on local economies, some of which rely heavily on agrarian output.”
Meanwhile, during July a severe heatwave hit Europe, causing at least 2,250 deaths, many from drowning as people took to the water to escape the high temperatures. Russia was particularly affected, where prolonged drought destroyed 10 million hectares of crops resulting in losses totaling EUR700m (USD970m).
The heat sparked wildfires over many of Russia’s European areas, killing at least 40 people, injuring hundreds more and destroying around 2,210 homes. At least RUB30bn (USD1bn) had been allocated to fight the fires and rebuild destroyed areas. Initial economic damage losses were listed at RUB6.5bn (USD210m).
In the U.S., the Rio Grande burst its banks as heavy rain hit Texas, damaging around 2,000 structures and causing USD40m of damage. Severe storms also hit the Plains, Midwest, Southeast and New England between July 10-18, killing at least two people and causing damage estimated at tens of millions of dollars.
In Mexico, at least 100,000 homes were damaged or destroyed during flash floods and river flooding between July 1-10. Total economic damage was estimated at MXN1.3bn (USD100m) and insured losses of around MXN255m (USD20m).
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®
Impact Forecasting is a catastrophe model development center of excellence within Aon Benfield whose seismologists, meteorologists, hydrologists, engineers, mathematicians, GIS experts, 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 underlying risks from hurricanes, tornadoes, earthquakes, floods, wildfires and terrorist attacks on property, casualty and crop insurers and reinsurers. Impact Forecasting is the only catastrophe model development firm integrated into a reinsurance intermediary. Learn more at www.impactforecasting.com.
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