CHICAGO, July 19, 2017 /PRNewswire/ -- Impact
Forecasting, Aon Benfield's
catastrophe model development team, today launches its Global
Catastrophe Recap: First Half of 2017 report, which evaluates the
impact of the natural disaster events that occurred worldwide in
the first six months of the year. Aon
Benfield is the global reinsurance intermediary and capital
advisor of Aon plc (NYSE:AON).
The report reveals that global economic losses from natural
disasters for 1H 2017 were estimated at USD53 billion – 56 percent lower than the 10-year
average of USD122 billion and 39
percent lower than the 17-year average of USD87 billion. Meanwhile, insured losses were
preliminarily estimated at USD22
billion – 35 percent lower than the 10-year average of
USD34 billion, and 12 percent lower
than the 17-year average of USD25
billion.
According to the report, the severe convective storm (SCS) peril
was the costliest disaster type on an economic basis (nearly
USD26 billion) during the period
under review, comprising 48 percent of the loss total, with the
majority of the loss (USD23 billion)
attributable to events in the United
States. SCS also caused the majority of insurance losses
(USD17+ billion), comprising 78 percent of the loss total and with
nearly USD16 billion attributable to
widespread hail, damaging straight-line winds, and tornadoes in the
U.S.
Natural disasters claimed at least 2,782 lives during 1H 2017,
the lowest figure since 1986 and significantly below the long-term
(1980-2016) average of 40,867. Flooding was the deadliest peril
during the period, being responsible for at least 1,806 deaths.
Steve Bowen, Impact Forecasting
director and meteorologist, said: "The financial toll from natural
catastrophe events during the first six months of 2017 may not have
been historic, but it was enough to lead to challenges for
governments and the insurance industry around the world. This was
especially true in the United
States after the insurance industry faced its
second-costliest first half on record following a relentless six
months of hail-driven severe weather damage. In fact, nearly eight
out of ten monetary insurance payouts for global disasters were
related to the severe convective storm peril. Other events – such
as Cyclone Debbie in Australia,
flooding in China and Peru, wildfires in South Africa, and a series of windstorms in
Europe – led to notable economic
damage costs. As we enter the second half of the year, much of the
focus will be on whether an El Niño officially develops. Such an
event could have a prominent influence on weather patterns and
associated disaster risks."
The report highlights that the U.S. recorded 76 percent of the
global losses sustained by public and private insurance entities
during 1H 2017, while EMEA (Europe, Middle
East & Africa) and
Asia-Pacific (APAC) each accounted
for 10 percent. The Americas made up four percent of the global
insured loss total.
Around 42 percent of the 1H 2017 global economic losses were
covered by insurance, above both the near- and medium-term average
of 32 percent and due to the fact that the majority of losses
occurred in the U.S. However, insurance take-up rates continued to
grow in other areas, notably Asia-Pacific (APAC) and the Americas.
To view the full Global Catastrophe Recap: First Half of 2017
report, please follow the link:
http://aon.io/2uClqdD
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 the Aon Benfield 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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SOURCE Aon plc