News Feed Item
Rammasun becomes costliest weather event of 2014 after causing $6.5bn Asia loss, according to Impact Forecasting catastrophe report
|By PR Newswire
|August 6, 2014 12:34 PM EDT
CHICAGO, Aug. 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 July 2014. Aon Benfield is the global reinsurance intermediary and capital advisor of Aon plc (NYSE:AON).
http://www.aon.com) is a leading provider of risk management services, insurance and reinsurance brokerage, human capital and management consulting, and specialty insurance underwriting. There are 37,000 employees working in Aon's 500 offices in more than 120 countries. Backed by broad resources, industry knowledge and technical expertise, Aon professionals help a wide range of clients develop effective risk management and workforce productivity solutions" border="0" alt="Aon Corporation (http://www.aon.com
) is a leading provider of risk management services, insurance and reinsurance brokerage, human capital and management consulting, and specialty insurance underwriting. There are 37,000 employees working in Aon's 500 offices in more than 120 countries. Backed by broad resources, industry knowledge and technical expertise, Aon professionals help a wide range of clients develop effective risk management and workforce productivity solutions" align="middle" src="http://photos.prnewswire.com/prnvar/20100719/AQ37264LOGO"/>
The report reveals that Super Typhoon Rammasun made separate landfalls in the Philippines and China, causing widespread damage and killing at least 206 people and injuring hundreds more. In the Philippines, total economic damages across the agriculture and infrastructure sectors were listed at PHP10.8 billion (USD250 million), while in China, the Ministry of Civil Affairs (MCA) noted that 272,000 homes had been damaged amid total economic losses listed at CNY38.5 billion (USD6.25 billion).
Additional flood and wind damage from the super typhoon was reported in Vietnam, leading to total economic losses of VND125 billion (USD6.2 million). As at July 31, Rammasun's overall economic damage total of USD6.5 billion had made it the costliest weather event of 2014.
Meanwhile, Typhoon Matmo made separate landfalls in Taiwan and China after first passing by the Philippines, resulting in at least 15 fatalities. In Taiwan, economic losses from the typhoon totaled TWD595 million (USD20 million), while in China total economic losses were listed at CNY3.4 billion (USD550 million).
Torrential monsoon rains brought significant flooding across southern China throughout July, leaving 102 people dead or missing. China's Ministry of Civil Affairs (MCA) noted that a combined 90,000 homes were damaged by the floods, with total economic losses listed at nearly CNY11 billion (USD1.8 billion).
Flooding was also prevalent in parts of Europe during the latter half of the month, with three fatalities reported as thunderstorms and flooding rains impacted Bulgaria, Romania, the Netherlands, the UK, Switzerland, Slovakia, and Croatia. Overall economic losses across the continent were expected to exceed EUR100 million (USD135 million), and preliminary insured losses were listed at nearly EUR15 million (USD20 million).
Adam Podlaha, Head of Impact Forecasting, said: "Flood is consistently one of the most costly natural perils for insurers, reinsurers and economies worldwide, with three of the past five years experiencing global economic losses from flood that were far higher than the 10-year average of USD47bn. Impact Forecasting has built numerous flood models to quantify clients' regional exposures to flood risk, with a particular on central and eastern Europe, the U.S. and more recently Asia. An updated version of our U.S. river flood model, which has been well-received by insurers and reinsurers as well as organizations with U.S. infrastructures, will be released in the third quarter this year. Existing and new users of the model will benefit from being able to track the impact of flood risk on their businesses using the latest data and insights."
Elsewhere, two stretches of severe weather impacted central and eastern sections of the United States during July. The most damaging event stretched from the Rockies to the Northeast and resulted in total economic losses estimated at USD350 million and insurance losses in excess of USD225 million.
A magnitude-6.9 earthquake struck Mexico's Chiapas state, near the border of Guatemala, killing nine people, and causing total economic damages in excess of USD25 million.
Drought conditions worsened in northern China as economic losses reached CNY8.7 billion (USD1.4 billion).
Washington's Carlton Complex Fire became the largest wildfire in state history, killing one person and destroying at least 300 homes.
To view the full Impact Forecasting July 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.
Logo - http://photos.prnewswire.com/prnh/20100719/AQ37264LOGO
SOURCE Aon Benfield
Redis is not only the fastest database, but it has become the most popular among the new wave of applications running in containers. Redis speeds up just about every data interaction between your users or operational systems.
In his session at 18th Cloud Expo, Dave Nielsen, Developer Relations at Redis Labs, shared the functions and data structures used to solve everyday use cases that are driving Redis' popularity.
Dec. 3, 2016 04:15 AM EST Reads: 3,409
20th Cloud Expo, taking place June 6-8, 2017, at the Javits Center in New York City, NY, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy.
Dec. 3, 2016 04:15 AM EST Reads: 1,689
Internet-of-Things discussions can end up either going down the consumer gadget rabbit hole or focused on the sort of data logging that industrial manufacturers have been doing forever. However, in fact, companies today are already using IoT data both to optimize their operational technology and to improve the experience of customer interactions in novel ways. In his session at @ThingsExpo, Gordon Haff, Red Hat Technology Evangelist, will share examples from a wide range of industries – includin...
Dec. 3, 2016 02:30 AM EST Reads: 1,509
WebRTC is the future of browser-to-browser communications, and continues to make inroads into the traditional, difficult, plug-in web communications world. The 6th WebRTC Summit continues our tradition of delivering the latest and greatest presentations within the world of WebRTC. Topics include voice calling, video chat, P2P file sharing, and use cases that have already leveraged the power and convenience of WebRTC.
Dec. 3, 2016 02:15 AM EST Reads: 1,485
Without lifecycle traceability and visibility across the tool chain, stakeholders from Planning-to-Ops have limited insight and answers to who, what, when, why and how across the DevOps lifecycle. This impacts the ability to deliver high quality software at the needed velocity to drive positive business outcomes.
In his general session at @DevOpsSummit at 19th Cloud Expo, Phil Hombledal, Solution Architect at CollabNet, discussed how customers are able to achieve a level of transparency that e...
Dec. 3, 2016 02:15 AM EST Reads: 710
"We build IoT infrastructure products - when you have to integrate different devices, different systems and cloud you have to build an application to do that but we eliminate the need to build an application. Our products can integrate any device, any system, any cloud regardless of protocol," explained Peter Jung, Chief Product Officer at Pulzze Systems, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 3, 2016 01:45 AM EST Reads: 747
Much of the value of DevOps comes from a (renewed) focus on measurement, sharing, and continuous feedback loops. In increasingly complex DevOps workflows and environments, and especially in larger, regulated, or more crystallized organizations, these core concepts become even more critical.
In his session at @DevOpsSummit at 18th Cloud Expo, Andi Mann, Chief Technology Advocate at Splunk, showed how, by focusing on 'metrics that matter,' you can provide objective, transparent, and meaningful f...
Dec. 3, 2016 01:45 AM EST Reads: 4,527
"We are the public cloud providers. We are currently providing 50% of the resources they need for doing e-commerce business in China and we are hosting about 60% of mobile gaming in China," explained Yi Zheng, CPO and VP of Engineering at CDS Global Cloud, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 3, 2016 01:15 AM EST Reads: 848
Data is the fuel that drives the machine learning algorithmic engines and ultimately provides the business value.
In his session at 20th Cloud Expo, Ed Featherston, director/senior enterprise architect at Collaborative Consulting, will discuss the key considerations around quality, volume, timeliness, and pedigree that must be dealt with in order to properly fuel that engine.
Dec. 3, 2016 12:30 AM EST Reads: 1,518
Between 2005 and 2020, data volumes will grow by a factor of 300 – enough data to stack CDs from the earth to the moon 162 times. This has come to be known as the ‘big data’ phenomenon. Unfortunately, traditional approaches to handling, storing and analyzing data aren’t adequate at this scale: they’re too costly, slow and physically cumbersome to keep up. Fortunately, in response a new breed of technology has emerged that is cheaper, faster and more scalable. Yet, in meeting these new needs they...
Dec. 3, 2016 12:15 AM EST Reads: 1,748
"Once customers get a year into their IoT deployments, they start to realize that they may have been shortsighted in the ways they built out their deployment and the key thing I see a lot of people looking at is - how can I take equipment data, pull it back in an IoT solution and show it in a dashboard," stated Dave McCarthy, Director of Products at Bsquare Corporation, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 2, 2016 11:15 PM EST Reads: 898
@DevOpsSummit taking place June 6-8, 2017 at Javits Center, New York City, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. @DevOpsSummit at Cloud Expo New York Call for Papers is now open.
Dec. 2, 2016 10:30 PM EST Reads: 1,729
IoT is rapidly changing the way enterprises are using data to improve business decision-making. In order to derive business value, organizations must unlock insights from the data gathered and then act on these. In their session at @ThingsExpo, Eric Hoffman, Vice President at EastBanc Technologies, and Peter Shashkin, Head of Development Department at EastBanc Technologies, discussed how one organization leveraged IoT, cloud technology and data analysis to improve customer experiences and effici...
Dec. 2, 2016 08:30 PM EST Reads: 4,977
"We are an all-flash array storage provider but our focus has been on VM-aware storage specifically for virtualized applications," stated Dhiraj Sehgal of Tintri in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 2, 2016 08:30 PM EST Reads: 386
Fact is, enterprises have significant legacy voice infrastructure that’s costly to replace with pure IP solutions. How can we bring this analog infrastructure into our shiny new cloud applications? There are proven methods to bind both legacy voice applications and traditional PSTN audio into cloud-based applications and services at a carrier scale. Some of the most successful implementations leverage WebRTC, WebSockets, SIP and other open source technologies.
In his session at @ThingsExpo, Da...
Dec. 2, 2016 08:15 PM EST Reads: 1,560