Welcome!

News Feed Item

Natural disasters produced $192bn global economic loss in 2013, while insurers face $45bn bill - Impact Forecasting annual catastrophe study

CHICAGO, Jan. 13, 2014 /PRNewswire/ -- Impact Forecasting, the catastrophe model development center of excellence at Aon Benfield, today releases its Annual Global Climate and Catastrophe Report, which evaluates the impact of the natural disaster events that occurred worldwide during 2013. Aon Benfield is the global reinsurance intermediary and capital advisor of Aon plc (NYSE:AON).

(Logo: http://photos.prnewswire.com/prnh/20100719/AQ37264LOGO)

The report reveals that 296 separate events produced total economic losses of USD192 billion – four percent below the 10-year average of USD200 billion, but above the average 259 events.

The natural disasters caused total insured losses of USD45 billion – their lowest since 2009 and 22 percent below the 10-year average of USD58 billion.

In a reversal from 2012, the largest global events of 2013 were heavily concentrated in Europe and Asia, rather than in the United States. However, despite just 16 percent of all economic losses occurring in the U.S., the country accounted for 45 percent of all insured losses globally due to its greater insurance penetration.

Flood events accounted for 35 percent of all global economic losses during the year, which marked their highest percentage of aggregate losses since 2010. Notable events included major flooding in Central Europe, Indonesia, the Philippines, China, and Australia.

Meanwhile, severe drought conditions contributed to billion-dollar (USD) losses in Brazil, China, New Zealand, and the U.S.

Stephen Mildenhall, Chief Executive Officer of Aon Benfield Analytics, said: "2013 was an active year for serious catastrophe events but one in which the industry dodged the bullet of a single dominating insured event. Typhoon Haiyan, however, demonstrated the real and ever-present potential for large scale destruction. U.S. insured losses, at 45 percent of the total, were in-line with the U.S. 42 percent share of global property premium."

The 2013 report offers a more comprehensive analysis of possible loss trends across four key global regions: United States, Americas (Non-U.S.), EMEA, and APAC.

The study highlights that the most deadly event of 2013 was Super Typhoon Haiyan, which struck the Philippines in November, leaving nearly 8,000 people dead or missing.

The May/June floods in Central Europe were the costliest single event of the year, causing an estimated USD5.3 billion insured loss and approximately USD22 billion in economic losses. Most of the flood losses were sustained in Germany, which also endured record-level insured hail losses during multiple summer convective thunderstorm events.

No hurricanes struck the U.S. during the year, as the country extended its record streak without a major (Category 3+) hurricane landfall to eight consecutive years. The previous record was set between September 1900 and October 1906.

A total of 15 tropical cyclones (Category 1+) made landfall globally in 2013, slightly below the 1980-2012 average of 16. Thirteen of the landfalls were registered in the Northern Hemisphere, including nine in Asia.

Europe, the Middle East and Africa (EMEA) and the Americas (Non-U.S.) each sustained aggregate insured losses above their 10-year averages in 2013. The United States and Asia-Pacific (APAC) regions both incurred below normal insured losses.

Steve Bowen, senior scientist and meteorologist at Impact Forecasting, said: "Despite registering nine separate billion-dollar events, natural disaster losses in the U.S. were down 78 percent from 2012. The most significant losses in 2013 were found in Europe and Asia Pacific, where each region endured multiple events that had major financial and societal implications. While not the costliest event, Super Typhoon Haiyan was the most catastrophic after coming ashore in the Philippines as one of the strongest tropical cyclones ever recorded. Typhoon activity in the Western Pacific also led to Typhoon Fitow becoming the second-costliest insured event in China's history after payouts surpassed USD1.0 billion. An active year in Europe saw economic losses that were the highest since 2002 and 90 percent above its recent ten-year average."

The report also reveals that preliminary data indicates that 2013 was the fourth warmest year recorded since global land and ocean temperature records began in 1880.

Impact Forecasting continues to welcome users to its Catastrophe Insight website, which contains current and historical natural catastrophe data and event analysis and is available at www.aonbenfield.com/catastropheinsight        

To view the full Impact Forecasting 2013 Annual Global Climate and Catastrophe Report, please follow the link below:

http://bit.ly/1cV2Ysd

About Aon Benfield
Aon Benfield, a division of Aon plc (NYSE: AON), is the world's leading reinsurance intermediary and full-service capital advisor. We empower our clients to better understand, manage and transfer risk through innovative solutions and personalized access to all forms of global reinsurance capital across treaty, facultative and capital markets. As a trusted advocate, we deliver local reach to the world's markets, an unparalleled investment in innovative analytics, including catastrophe management, actuarial and rating agency advisory. Through our professionals' expertise and experience, we advise clients in making optimal capital choices that will empower results and improve operational effectiveness for their business. With more than 80 offices in 50 countries, our worldwide client base has access to the broadest portfolio of integrated capital solutions and services. To learn how Aon Benfield helps empower results, please visit aonbenfield.com.

About Impact Forecasting® LLC
Impact Forecasting is a catastrophe modeling center of excellence whose seismologists, meteorologists, engineers, mathematicians, finance risk management and insurance professionals analyze the financial implications of natural and man-made catastrophes around the world.  Impact Forecasting's experts develop software tools and models that help clients understand risks from hurricanes, tornadoes, earthquakes, wildfires and terrorist attacks on property, casualty and crop insurers and reinsurers.  To find out more about Impact Forecasting® LLC, visit www.impactforecasting.com.

Media Contacts:






David Bogg

Andrew Wragg

Alexandra Lewis

Aon Benfield

Aon Benfield

Aon Benfield

t: +44 (0)20 7522 4016

t: +44 (0)20 7522 8183

t: +44 (0)20 7882 0541

e:[email protected]

e:[email protected]

e:[email protected]

SOURCE Aon Benfield

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
As DevOps methodologies expand their reach across the enterprise, organizations face the daunting challenge of adapting related cloud strategies to ensure optimal alignment, from managing complexity to ensuring proper governance. How can culture, automation, legacy apps and even budget be reexamined to enable this ongoing shift within the modern software factory?
Bill Schmarzo, author of "Big Data: Understanding How Data Powers Big Business" and "Big Data MBA: Driving Business Strategies with Data Science," is responsible for setting the strategy and defining the Big Data service offerings and capabilities for EMC Global Services Big Data Practice. As the CTO for the Big Data Practice, he is responsible for working with organizations to help them identify where and how to start their big data journeys. He's written several white papers, is an avid blogge...
HyperConvergence came to market with the objective of being simple, flexible and to help drive down operating expenses. It reduced the footprint by bundling the compute/storage/network into one box. This brought a new set of challenges as the HyperConverged vendors are very focused on their own proprietary building blocks. If you want to scale in a certain way, let's say you identified a need for more storage and want to add a device that is not sold by the HyperConverged vendor, forget about it...
One of the biggest challenges with adopting a DevOps mentality is: new applications are easily adapted to cloud-native, microservice-based, or containerized architectures - they can be built for them - but old applications need complex refactoring. On the other hand, these new technologies can require relearning or adapting new, oftentimes more complex, methodologies and tools to be ready for production. In his general session at @DevOpsSummit at 20th Cloud Expo, Chris Brown, Solutions Marketi...
At the keynote this morning we spoke about the value proposition of Nutanix, of having a DevOps culture and a mindset, and the business outcomes of achieving agility and scale, which everybody here is trying to accomplish," noted Mark Lavi, DevOps Solution Architect at Nutanix, in this SYS-CON.tv interview at @DevOpsSummit at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
Historically, some banking activities such as trading have been relying heavily on analytics and cutting edge algorithmic tools. The coming of age of powerful data analytics solutions combined with the development of intelligent algorithms have created new opportunities for financial institutions. In his session at 20th Cloud Expo, Sebastien Meunier, Head of Digital for North America at Chappuis Halder & Co., discussed how these tools can be leveraged to develop a lasting competitive advantage ...
In his session at 21st Cloud Expo, James Henry, Co-CEO/CTO of Calgary Scientific Inc., introduced you to the challenges, solutions and benefits of training AI systems to solve visual problems with an emphasis on improving AIs with continuous training in the field. He explored applications in several industries and discussed technologies that allow the deployment of advanced visualization solutions to the cloud.
As you move to the cloud, your network should be efficient, secure, and easy to manage. An enterprise adopting a hybrid or public cloud needs systems and tools that provide: Agility: ability to deliver applications and services faster, even in complex hybrid environments Easier manageability: enable reliable connectivity with complete oversight as the data center network evolves Greater efficiency: eliminate wasted effort while reducing errors and optimize asset utilization Security: implemen...
Most companies are adopting or evaluating container technology - Docker in particular - to speed up application deployment, drive down cost, ease management and make application delivery more flexible overall. As with most new architectures, this dream takes a lot of work to become a reality. Even when you do get your application componentized enough and packaged properly, there are still challenges for DevOps teams to making the shift to continuous delivery and achieving that reduction in cost ...
From 2013, NTT Communications has been providing cPaaS service, SkyWay. Its customer’s expectations for leveraging WebRTC technology are not only typical real-time communication use cases such as Web conference, remote education, but also IoT use cases such as remote camera monitoring, smart-glass, and robotic. Because of this, NTT Communications has numerous IoT business use-cases that its customers are developing on top of PaaS. WebRTC will lead IoT businesses to be more innovative and address...
Charles Araujo is an industry analyst, internationally recognized authority on the Digital Enterprise and author of The Quantum Age of IT: Why Everything You Know About IT is About to Change. As Principal Analyst with Intellyx, he writes, speaks and advises organizations on how to navigate through this time of disruption. He is also the founder of The Institute for Digital Transformation and a sought after keynote speaker. He has been a regular contributor to both InformationWeek and CIO Insight...
In this presentation, you will learn first hand what works and what doesn't while architecting and deploying OpenStack. Some of the topics will include:- best practices for creating repeatable deployments of OpenStack- multi-site considerations- how to customize OpenStack to integrate with your existing systems and security best practices.
Your homes and cars can be automated and self-serviced. Why can't your storage? From simply asking questions to analyze and troubleshoot your infrastructure, to provisioning storage with snapshots, recovery and replication, your wildest sci-fi dream has come true. In his session at @DevOpsSummit at 20th Cloud Expo, Dan Florea, Director of Product Management at Tintri, provided a ChatOps demo where you can talk to your storage and manage it from anywhere, through Slack and similar services with...
Evan Kirstel is an internationally recognized thought leader and social media influencer in IoT (#1 in 2017), Cloud, Data Security (2016), Health Tech (#9 in 2017), Digital Health (#6 in 2016), B2B Marketing (#5 in 2015), AI, Smart Home, Digital (2017), IIoT (#1 in 2017) and Telecom/Wireless/5G. His connections are a "Who's Who" in these technologies, He is in the top 10 most mentioned/re-tweeted by CMOs and CIOs (2016) and have been recently named 5th most influential B2B marketeer in the US. H...
Gemini is Yahoo’s native and search advertising platform. To ensure the quality of a complex distributed system that spans multiple products and components and across various desktop websites and mobile app and web experiences – both Yahoo owned and operated and third-party syndication (supply), with complex interaction with more than a billion users and numerous advertisers globally (demand) – it becomes imperative to automate a set of end-to-end tests 24x7 to detect bugs and regression. In th...