|By PR Newswire||
|February 6, 2014 10:35 AM EST||
CHICAGO, Feb. 6, 2014 /PRNewswire/ -- Impact Forecasting, the catastrophe model development center of excellence at Aon Benfield, today releases the latest edition of its monthly Global Catastrophe Recap report, which reviews the natural disaster perils that occurred worldwide during January 2014. Aon Benfield is the global reinsurance intermediary and capital advisor of Aon plc (NYSE:AON).
The report reveals that a series of powerful winter storms brought excessive snow and bitter cold to the United States.
No fewer than four separate stretches of winter weather affected United States in January, bringing heavy accumulating snowfall, sleet, freezing rain, ice, gusty winds, and bitterly cold Arctic air to much of the country. The most significant – and costliest – period occurred during the second week of the month, where at least 21 people were killed. More than 20 inches (51 centimeters) of snow fell in the Great Lakes and Ohio Valley, while freezing rain coated the Northeast and Mid-Atlantic. The coldest temperatures in two decades then descended into the central and eastern U.S., with at least 20 states recording wind chill values minimally at -30 degrees F (-34 degrees C). Widespread property damage and severe travel delays occurred as a result of the cold and snow. Total direct economic losses were estimated at USD3.0 billion, while insured losses were listed in excess of USD1.4 billion.
The three other stretches combined to kill at least 33 people and caused more than USD500 million in economic damages and insured losses approaching USD200 million. Business interruption losses were elevated due to severely delayed transport and/or closed commerce.
Steve Bowen, Senior Scientist and Meteorologist at Impact Forecasting, said: "The current winter season in the United States has already become the costliest year for the winter weather peril since 2011. With higher-than-average snow totals, ice, and some of the coldest temperatures in nearly two decades affecting much of the country during January, the combination of physical damages and business interruption costs have quickly aggregated into direct economic losses well into the billions of dollars. The elevated losses this year are a reminder to insurers that the risks associated with the winter weather peril remain significant."
Also in January, winter conditions were also prevalent in Asia with torrential rains causing widespread flood damage and dozens of fatalities in parts of Asia and South America. China's Ministry of Civil Affairs (MCA) reported that nearly USD170 million in economic damages had occurred to agricultural land and crops due to snow and freezing temperatures. In Thailand, at least 63 people died after the coldest air in 30 years arrived descended into the country. An additional 25 cold-related fatalities occurred in India.
Torrential rainfall enhanced by the nearby passage of Tropical Storm Lingling spawned widespread flooding and landslides across the southern Philippines. At least 79 people were left dead or missing. In Indonesia, seasonal rains caused severe flooding and landslides throughout the archipelago, which killed a combined 71 people.
Meanwhile, an active windstorm season continued in Europe during January, with windstorms Anne and Christina each affecting western and northern sections of the continent. Windstorm Christina was the most significant as it brought heavy rains, gusty winds and an elevated tide to the United Kingdom, France and Scandinavia. Economic damages in Ireland alone were estimated at roughly USD405 million.
A magnitude-6.2 struck New Zealand's lower North Island with an epicenter 34 kilometers (21 miles) south-southeast of Palmerston North. Most damage was due to broken windows, cracked walls, fallen chimneys, and fallen indoor contents. The New Zealand Earthquake Commission received at least 2,876 claims with payouts expected to reach the millions of dollars (NZD).
Mount Sinabung continued to erupt throughout January into early February after first beginning in September 2013. The eruptions led to the deaths of 32 people in Indonesia's North Sumatra, where 32,000 residents were forced to evacuate their homes. Total economic losses were listed minimally at IDR1.0 trillion (USD83 million).
The combination of extreme heat, dry conditions and gusty winds led to hundreds of bushfires to burn in multiple Australian states. At least two people were killed. The most significant bushfire was registered in Western Australia's Perth Hills region, where at least 56 homes were destroyed. The Insurance Council of Australia (ICA) declared the event a catastrophe and expected payouts to top USD13 million.
Tropical Cyclone Ian tracked through Tonga as a Category 4 storm, killing at least one person. The storm left severe damage to the island chain of Ha'apai, where 75% of all homes (1,130) were impacted.
To view the full Impact Forecasting January 2014 Global Catastrophe Recap report, please follow the link below:
To access the Catastrophe Insight website, please visit:
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.
t: +44 (0)20 7522 4016
t: +44 (0)20 7522 8183
t: +44 (0)20 7882 0541
SOURCE Aon Benfield
In their session at 17th Cloud Expo, Hal Schwartz, CEO of Secure Infrastructure & Services (SIAS), and Chuck Paolillo, CTO of Secure Infrastructure & Services (SIAS), provide a study of cloud adoption trends and the power and flexibility of IBM Power and Pureflex cloud solutions. In his role as CEO of Secure Infrastructure & Services (SIAS), Hal Schwartz provides leadership and direction for the company.
Aug. 4, 2015 06:45 PM EDT Reads: 241
There are many considerations when moving applications from on-premise to cloud. It is critical to understand the benefits and also challenges of this migration. A successful migration will result in lower Total Cost of Ownership, yet offer the same or higher level of robustness. In his session at 15th Cloud Expo, Michael Meiner, an Engineering Director at Oracle, Corporation, analyzed a range of cloud offerings (IaaS, PaaS, SaaS) and discussed the benefits/challenges of migrating to each offe...
Aug. 4, 2015 06:45 PM EDT Reads: 220
SYS-CON Events announced today that the "Second Containers & Microservices Expo" will take place November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Containers and microservices have become topics of intense interest throughout the cloud developer and enterprise IT communities.
Aug. 4, 2015 05:30 PM EDT
As organizations shift towards IT-as-a-service models, the need for managing and protecting data residing across physical, virtual, and now cloud environments grows with it. CommVault can ensure protection and E-Discovery of your data – whether in a private cloud, a Service Provider delivered public cloud, or a hybrid cloud environment – across the heterogeneous enterprise. In his session at 17th Cloud Expo, Randy De Meno, Chief Technologist - Windows Products and Microsoft Partnerships at Com...
Aug. 4, 2015 05:00 PM EDT Reads: 111
The Software Defined Data Center (SDDC), which enables organizations to seamlessly run in a hybrid cloud model (public + private cloud), is here to stay. IDC estimates that the software-defined networking market will be valued at $3.7 billion by 2016. Security is a key component and benefit of the SDDC, and offers an opportunity to build security 'from the ground up' and weave it into the environment from day one. In his session at 16th Cloud Expo, Reuven Harrison, CTO and Co-Founder of Tufin,...
Aug. 4, 2015 03:00 PM EDT Reads: 574
Scrum Alliance has announced the release of its 2015 State of Scrum Report. Almost 5,000 individuals and companies worldwide participated in this year's survey. Most organizations in the market today are still leading and managing under an Industrial Age model. Not only is the speed of change growing exponentially, Agile and Scrum frameworks are showing companies how to draw on the full talents and capabilities of those doing the work in order to continue innovating for success.
Aug. 4, 2015 02:45 PM EDT
SYS-CON Events announced today that MobiDev, a software development company, will exhibit at the 17th International Cloud Expo®, which will take place November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. MobiDev is a software development company with representative offices in Atlanta (US), Sheffield (UK) and Würzburg (Germany); and development centers in Ukraine. Since 2009 it has grown from a small group of passionate engineers and business managers to a full-scale mobi...
Aug. 4, 2015 02:00 PM EDT Reads: 394
Between the compelling mockups and specs produced by your analysts and designers, and the resulting application built by your developers, there is a gulf where projects fail, costs spiral out of control, and applications fall short of requirements. In his session at @DevOpsSummit, Charles Kendrick, CTO and Chief Architect at Isomorphic Software, presented a new approach where business and development users collaborate – each using tools appropriate to their goals and expertise – to build mocku...
Aug. 4, 2015 01:30 PM EDT Reads: 103
Container technology is sending shock waves through the world of cloud computing. Heralded as the 'next big thing,' containers provide software owners a consistent way to package their software and dependencies while infrastructure operators benefit from a standard way to deploy and run them. Containers present new challenges for tracking usage due to their dynamic nature. They can also be deployed to bare metal, virtual machines and various cloud platforms. How do software owners track the usag...
Aug. 4, 2015 01:00 PM EDT Reads: 295
SYS-CON Events announced today that VividCortex, the monitoring solution for the modern data system, will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. The database is the heart of most applications, but it’s also the part that’s hardest to scale, monitor, and optimize even as it’s growing 50% year over year. VividCortex is the first unified suite of database monitoring tools specifically desi...
Aug. 4, 2015 12:00 PM EDT Reads: 116
Graylog, Inc., has added the capability to collect, centralize and analyze application container logs from within Docker. The Graylog logging driver for Docker addresses the challenges of extracting intelligence from within Docker containers, where most workloads are dynamic and log data is not persisted or stored. Using Graylog, DevOps and IT Ops teams can pinpoint the root cause of problems to deliver new applications faster and minimize downtime.
Aug. 4, 2015 11:45 AM EDT
As Marc Andreessen says software is eating the world. Everything is rapidly moving toward being software-defined – from our phones and cars through our washing machines to the datacenter. However, there are larger challenges when implementing software defined on a larger scale - when building software defined infrastructure. In his session at 16th Cloud Expo, Boyan Ivanov, CEO of StorPool, provided some practical insights on what, how and why when implementing "software-defined" in the datacent...
Aug. 4, 2015 11:30 AM EDT Reads: 122
Learn how you can use the CoSN SEND II Decision Tree for Education Technology to make sure that your K–12 technology initiatives create a more engaging learning experience that empowers students, teachers, and administrators alike.
Aug. 4, 2015 09:30 AM EDT Reads: 120
Mobile, social, Big Data, and cloud have fundamentally changed the way we live. “Anytime, anywhere” access to data and information is no longer a luxury; it’s a requirement, in both our personal and professional lives. For IT organizations, this means pressure has never been greater to deliver meaningful services to the business and customers.
Aug. 4, 2015 08:45 AM EDT Reads: 265
In a recent research, analyst firm IDC found that the average cost of a critical application failure is $500,000 to $1 million per hour and the average total cost of unplanned application downtime is $1.25 billion to $2.5 billion per year for Fortune 1000 companies. In addition to the findings on the cost of the downtime, the research also highlighted best practices for development, testing, application support, infrastructure, and operations teams.
Aug. 4, 2015 07:00 AM EDT Reads: 229