Storms that tore through parts of the South Island in July have resulted in tens of millions of dollars’ worth of damage, contributing to a US$10 billion damage bill for the APAC region.
A new report by Aon
’s Impact Forecasting found that extensive flooding throughout the region was to blame for the majority of global damage caused by natural disasters throughout July as “relentless seasonal flooding” made its presence felt.
“Severe flooding in western parts of South Island ensued, prompting the evacuation of thousands of residents and emergency declarations in five council areas,” the report states. “Economic losses were expected to reach into the tens of millions (USD).”
While there were no casualties linked to the severe weather, thousands of residents were evacuated with emergency declarations made across five council areas.
Elsewhere in the region, extensive flooding in China, India, Pakistan and throughout South East Asia saw the damage bill for the region skyrocket to more than US$10 billion.
Claire Darbinyan, Impact Forecasting associate director and meteorologist, said that seasonal rains across the region caused the majority of the damage with monsoonal activity triggering further flooding.
“Given low levels of insurance penetration in the region, the majority of these losses are expected to be uninsured, highlighting the considerable protection gap and the potential for re/insurers to further offer their specialist risk management skill,” Darbinyan said.
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