NU Online News Service, April 5, 1:00 p.m. EDT
Storm losses in the United States over the past month are expected to exceed $100 million, according to a report issued by Aon Benfield.
While paling in comparison to the earthquake losses in Japan, Aon Benfield, the global reinsurance broker and subsidiary of Chicago-based insurance broker Aon Corp., says several severe weather events during March resulted in a significant number of claims.
In its Monthly Cat Recap report, Aon Benfield says the severe weather events resulted in 20,000 insurance claims in the Southeast and the Mississippi Valley with payouts exceeding $120 million.
Separate events at the end of the month were expected to cause at least tens of millions of dollars of further insured losses across the Southeast.
The report, published by Impact Forecasting, the firm’s catastrophe modeler, highlights the Tohoku mega-earthquake and resultant tsunami that struck the northeastern coast of Japan on March 11.
To date the event has claimed more than 12,300 lives and injured nearly 3,000 people. At least 15,000 people officially remain listed as missing.
More than 830 aftershocks followed the main magnitude 9.0 tremor, and at least 203,000 homes and other structures were damaged or destroyed by ground shaking, tsunami waves, fires or liquefaction, the report notes.
The Japanese government estimates total economic losses of $198 billion to $309 billion, while the World Bank estimates insured losses of $14 billion to $33 billion.
Tsunami waves from the Japan earthquake crossed the Pacific Ocean and caused a combined $88.4 million in damage to coastal locations of Hawaii and California in the U.S.
Additional tsunami damage to more than 500 homes was recorded in Peru and Chile.
In a statement, Steve Jakubowski, president of Impact Forecasting, says that Japan has long been regarded as a peak peril zone and “robust earthquake modeling tools have been developed for the region.” However, due to the tsunami, “loss assessment will be ongoing for the foreseeable future.”
He notes that at least 57 of the 830 aftershocks have been significant, with tremors measuring above magnitude 6.0.
Other natural catastrophe loss events Aon Benfield noted from last month:
- In China a magnitude 5.4 earthquake struck regions in the southwest, killing at least 26 people and injuring 313 others. Officials in China say the tremor damaged or destroyed at least 68,000 homes in Yingjiang County, and the Chinese government has allocated $16 million for relief and recovery costs.
- Myanmar recorded a magnitude 6.8 earthquake that killed at least 75 people. Myanmar’s officials reported that at least 3,152 homes, 31 religious buildings, nine government buildings and a hospital were destroyed, with total economic losses listed at $3.6 million.
- Flooding in southern Thailand left at least 51 people dead after more than a year’s worth of rain fell over just six days in some isolated locations. At least 580,000 homes were damaged or destroyed, and transportation was severely hampered. Estimated economic damages could reach $330 million.
- Flood events in Brazil, Indonesia and Namibia led to tens of thousands of homes being destroyed and millions of dollars in total economic damages.
- Natural disaster declarations were also made in Australia’s New South Wales after more than 800 homes were damaged by floods.
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