Continued extensive flooding in Asia and Africa has impacted more than one million
people
CHICAGO, June 8, 2018 /PRNewswire/ -- Impact
Forecasting, the catastrophe model development team of Aon plc
(NYSE:AON), 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 May 2018.
The report reveals that four separate severe weather outbreaks
swept across the United States
during the month, leading to extensive hail and wind damage. Most
of the damage occurred from the Rockies to the Mid-Atlantic, and
thunderstorms led to catastrophic flash flooding in Ellicott City, Maryland for the second time in
less than two years. Total combined economic losses from just two
of the events were minimally estimated at USD2.3 billion, with public and private insurers
expected to cover more than two-thirds of the total. The final
figure is expected to be even higher.
The severe weather occurred amid of one of the quietest starts
to tornado season in the U.S. – fewer than 450 tornadoes were
reported as of June 1, putting 2018
in the lowest 25 percent of years since 1950.
Additional North American thunderstorm damage occurred in areas
of Canada's Ontario and Quebec, with one event costing insurers nearly
USD325 million, according to
catastrophe analyst CatIQ. Most of the hail and wind damage
occurred in Ontario, making it the
costliest thunderstorm in the province since 2013.
Meanwhile, flooding along the Yangtze River Basin and elsewhere
in China led to over 75,000 homes
sustaining varying levels of damage, and total combined economic
losses in excess of USD400
million.
The combined death toll from extensive flooding in Kenya, Somalia, Ethiopia, and Rwanda since February had risen to nearly 400
by the end of May, having affected more than one million people and
decimated infrastructure.
Steve Bowen, Impact Forecasting
director and meteorologist, said: "The month of May featured
significant weather events in nearly every major region around the
globe. While the multi-billion dollar economic cost of severe
convective storms in the United
States and Canada was not
out of the ordinary given the peak of severe weather season,
perhaps most noteworthy was the rarity of two tropical cyclones
directly affecting the Arabian Peninsula and Somalia in a matter of days. Storm impacts in
northeast Africa only added to
recent humanitarian challenges in a region which had already seen
abnormally severe seasonal flooding. The flood peril will be a very
important point of focus as insurance continues to grow across the
emerging markets in Africa."
Further natural disaster events to have occurred elsewhere
during May include:
- Convective storm damage was noted in Asia and Europe. In India alone, nearly 300 people died in
thunderstorm-related incidents. An active storm pattern in Central
and Western Europe at the end of
May will likely result in insurance payouts reaching the hundreds
of millions (USD).
- In Australia, an insurance
catastrophe was declared by the Insurance Council of Australia following floods in New South Wales. Preliminary insurance payouts
neared USD21 million.
- Two very rare tropical cyclones made landfall in Somalia and Oman in a matter of days of each other.
Tropical Cyclone Sagar became the strongest storm to strike
Somalia on record, reaching speeds
of 60 mph (95 kph), and also left heavy damage during its path
through the Gulf of Aden. Tropical Cyclone Mekunu made landfall in
Oman as a 115 mph (185 kph)
Category 3 storm. Widespread wind and flood damage was
reported.
- Subtropical Storm Alberto
developed in the Gulf of Mexico
and made landfall as a 45 mph (75 kph) system near Panama City, Florida. Heavy rains and isolated
tornadoes impacted an area from Florida to Michigan along its path. At least seven people
died in Cuba due to extensive
flooding.
- Hawaii's Kilauea volcano erupted beginning May 3 and continued to spewing ash into the
atmosphere and sending lava flows into residential areas. Hundreds
of homes and other structures were destroyed.
To view the full Impact Forecasting May
2018 Global Catastrophe Recap report, please follow the
link:
http://bit.ly/If-recap-may-2018
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 Aon's Reinsurance
Solutions PR team: Andrew Wragg (+44
207 522 8183 / 07595 217168) David
Bogg or Alexandra Lewis
Follow Aon on Twitter: https://twitter.com/Aon_plc
For information on Aon plc. and to sign-up for news
alerts: http://aon.mediaroom.com
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