DisastersNatural disasters caused $85 billion global economic loss during first half of 2013
Data show that economic losses from global natural disasters during the six month period ending 30 June totaled $85 billion (2012: 75 billion) — around 15 percent lower than the 10-year (2003-2012) average of $100 billion. Insured losses for the period reached $20 billion (2012: $25 billion) — approximately 20 percent below the 10-year average of $25 billion. Roughly 50 percent of the insured losses resulting from natural disaster events were recorded in the United States.
Impact Forecasting, the catastrophe model development center of excellence at Aon Benfield, the other day issued its mid-year natural disaster analysis, which aggregates the key global natural disaster perils data for the first half of 2013. Aon Benfield is the global reinsurance intermediary and capital advisor of Aon PLC.
The data show that economic losses from global natural disasters during the six month period ending 30 June totaled $85 billion (2012: 75 billion) — around 15 percent lower than the 10-year (2003-2012) average of $100 billion.
Insured losses for the period reached $20 billion (2012: $25 billion) — approximately 20 percent below the 10-year average of $25 billion. Roughly 50 percent of the insured losses resulting from natural disaster events were recorded in the United States.
Around 24 percent of global economic losses during the first half of 2013 period were covered by insurance, a figure slightly below the 10-year (2003-2012) average of 28 percent, and due to multiple significant catastrophe events occurring in areas where insurance penetration or specific peril coverage remained low.
In order of size, the five largest economic loss events in the first half of 2013 were the Central Europe floods during May/June ($22 billion); the China earthquake on 20 April ($14 billion); the Brazil drought ($8.3 billion); the U.S. severe weather outbreak from 18 to 22 May ($4.5 billion); and the China drought ($4.2 billion).
Meanwhile, the first half of 2013 comprised $7 billion insured loss events: the Central Europe floods during May/June ($5.3 billion); the U.S. severe weather outbreak of 18-22 May ($2.5 billion); the U.S. severe weather outbreak of 18-20 March ($1.25 billion); the U.S. severe weather outbreak of 26 May-2 June ($1.20 billion); the Australia floods during January ($1.04 billion); the Canada floods during June ($1.0 billion); and a U.S. winter storm in early April ($1.0 billion).
— Read more in 1H 2013 Global Natural Disaster Analysis (Impact Forecasting, 2013)
