Sept tropical cyclones cost global economy over US$4bn

Sept tropical cyclones cost global economy over US$4bn | Insurance Business

Sept tropical cyclones cost global economy over US$4bn
The global economy has weathered over US$4 billion in losses as a result of the tropical cyclones in September, according to Aon catastrophe report.

The Global Catastrophe Recap, launched last week by Impact Forecasting, Aon Benfield’s catastrophe model development team, evaluated the impact of natural disaster events that occurred worldwide during September 2016.

The report revealed that Hurricane Hermine, which devastated Florida, Georgia, and the Carolinas, with additional and minor damage to New York and New Jersey, has incurred an estimated US$800 million in total economic losses and an anticipated US$400 million in insured losses.

Speaking about the potential risks faced by Florida, Adam Podlaha, global head of Impact Forecasting, commented: "With the general increase in coastal populations, event preparedness is paramount, and in this regard, the insurance industry and catastrophe modellers are well positioned to help residents understand their exposures."

Meanwhile, a weakened Super Typhoon Meranti made landfall in China’s Fujian Province after skimming southern Taiwan and Batanes in northern Philippines, causing overall economic losses of US$2.4 billion, the vast majority of which, at US$2.3 billion, was reported in China.

Other tropical cyclones in September that have caused great losses include Typhoon Megi, US$940 million; Typhoon Malakas, US$100 million; and Hurricane Newton, US$10 million.

Other natural hazard events that have occurred worldwide in September include a magnitude 5.9 earthquake in Tanzania (US$458 million); torrential downpours that led to catastrophic flooding in Telangana and Andhra Pradesh in India (US$479 million); Soberanes Fire in California (US$235 million); and severe thunderstorms around the globe (US$300 million).

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