The global re/insurance market faced more than US$1 billion in losses due to natural disasters in February 2017, according to Impact Forecasting, the risk modelling unit of major re/insurer Aon Benfield.
Impact Forecasting highlighted a number of severe weather events all over the world during last month. These include five outbreaks of severe convective or thunderstorm type weather that hit the United States in February, with one causing 60 tornado touch-downs in the Midwest, Southeast, and Mid-Atlantic states. According to Impact Forecasting, economic and insured losses from these disasters could reach hundreds of millions of dollars.
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Claire Darbinyan, associate director and meteorologist at Impact Forecasting, commented: “While the United States endured another active and costly month from severe thunderstorms, it was not the only region coping with major losses from the peril. Australian insurers continue to take stock following a major hail event in New South Wales, including the greater Sydney metro region.”
In Europe, windstorm Thomas caused insured damages of around US$105 million across the UK and Germany.
Major flood events were recorded in Peru, Chile, Zimbabwe, Indonesia, and Australia, while winter storms in Afghanistan and Pakistan caused avalanches that led to over 200 fatalities.
Meanwhile, a magnitude-6.5 earthquake in the southern Philippines killed eight people and injured hundreds. Economic losses were estimated at PHP720 million (US$14 million).
Climate change driving more risks than ever before