NU Online News Service, Aug. 4, 3:07 p.m. EDT
Severe weather continued throughout the world in July, causing more than a billion dollars in damages, according to Aon Benfield’s monthly catastrophe recap.
Steve Jakubowski, president of Impact Forecasting, Aon Benfield’s catastrophe modeler, says in a statement: “During the month of July we began to see an uptick in global tropical-cyclone activity. This is not surprising, given that we are approaching the traditional peak period of the Atlantic hurricane season during the months of August and September. Several parts of Asia were particularly affected by tropical cyclones during the month in the Northwest Pacific basin, but the level of losses will probably be in line with reinsurers’ expectations.”
In the United States, four severe weather periods last month in the Midwest, Plains and the Rockies produced $1.3 billion in economic damage and insured losses of $900 million, the report says.
A storm system that struck the Midwest in early July took two lives in Wisconsin. That storm produced large hail, tornadoes and straight-line winds measured up to 100 mph.
There were 70,000 claims from that storm system alone with payouts in excess of $275 million.
The period saw Tropical Storm Don make landfall in Texas, but produce little to no moisture as it came ashore.
Elsewhere in the world, Typhoon Nock-ten hit the Philippines, China and Vietnam, killing 72 people and injuring 53. Most of the casualties were in the Philippines, the report says. Economic damage to five Asian countries combined amounted to $103 million.
Typhoon Ma-on made brief landfall on Japan’s Shikoku Island, bringing heavy rains and gusty rains to the country. At least five people were killed and dozens injured. Total economic loss was put at approximately $50 million.
Monsoon rains caused flooding in parts of Asia. In China, four separate periods of heavy rains across 20 provinces caused 122 deaths. Around 300,000 homes were damaged by floods and landslides, along with thousands of acres of crops. The Chinese government put the economic loss at $1.73 billion.
South Korea was also impacted by the rains that claimed at least 62 people and injured dozens more. Losses are expected to run into the hundreds of millions and at least 5,839 auto claims were filed with payouts exceeding $38.3 million.
An earthquake hit Kyrgyzstan on July 19, leaving 14 people dead with an economic loss at $9.3 million.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
