2019: Economic Losses from Natural Disasters Top $232 billion in 2019

Steve Bowen, Director and Meteorologist at Aon’s Impact Forecasting team, commented: “Perhaps the biggest takeaway from the last decade of natural disasters was the emergence of previously considered ‘secondary’ perils – such as wildfire, flood, and drought – becoming much more costly and impactful. Scientific research indicates that climate change will continue to affect all types of weather phenomena and subsequently impact increasingly urbanized areas. As the public and private sectors balance an understanding of the science with smart business solutions, this will lead to new advances that lower the physical risk and improve overall awareness.”

Other significant regional events during the year included:

·  Wettest 12-month stretch in the contiguous U.S. on record dating to 1895 with river flooding across the Mississippi River watershed causing more than $20 billion in economic losses

·  Category 5 Hurricane Dorian made multiple landfalls in The Bahamas as a 185 mph (295 kph) storm; tying with the 1935 Labor Day Hurricane as the strongest landfalling storm on record in the Atlantic Ocean

·  Cyclone Idai in Mozambique caused the most substantial humanitarian crisis killing 1,303 people and destroying more than 300,000 homes with $2 billion economic losses.

·  Windstorm Eberhard was the lone event in Europe to surpass $1 billion in insured losses after tracking across Western and Central Europe in March.

·  Globe’s deadliest earthquake occurred in Albania on November 26, killing 52 people

·  Monsoon rains led to a combined $25 billion in flood-related damage in China ($15 billion) and India ($10 billion) alone

·  Intense multi-year drought and record-setting spring and summer heat led to conditions able to ignite destructive bushfires in Australia. Some 18.2 million hectares (46 million acres) burned and more than 2,500 homes were destroyed, likely to result in insured losses topping $1 billion.

·  Access the full report plus watch meteorologist and report author Steve Bowen’s short film about the key findings on the interactive microsite: https://aon.io/2FOWzrp

·  Access current and historical natural catastrophe data, plus event analysis, on Impact Forecasting’s Catastrophe Insight website

Top 10 Global Economic Loss Events

·  Typhoon Hagibis – 6-12 October; Japan; 99 dead; economic loss: $15 billion; insured loss: $9.0 billion

·  Monsoon Floods – June-August; China; 300 dead; economic loss: $15 billion; insured loss: $0.7 billion

·  Typhoon Faxai – 7-9 September; Japan; 3 dead; economic loss: $10 billion; insured loss: $6.0 billion

·  Mississippi River Basin Floods – May-July; Y.S.; no dead; economic loss: $10 billion; insured loss: $4.0 billion

·  Hurricane Dorian – 25 August – 7 September; Bahamas, Caribbean, U.S., Canada; 83 dead; economic loss: $10 billion; insured loss: $3.5 billion

·  Missouri River Basin Floods – 12-31 March; U.S.; 10 dead; economic loss: $10 billion; insured loss: $2.5 billion

·  Monsoon Flood – June-October; India; 1,750 dead; economic loss: $10 billion; insured loss: $0.2 billion

·  Typhoon Lekima – 6-13 August; China, Philippines, Japan; 101 dead; economic loss: $9.5 billion; insured loss: $0.8 billion

·  Flooding – March-April; Iran; 77 dead;  economic loss: $8.3 billion; insured loss: $0.2 billion

·  Cyclone Fani – 2-5 May; India, Bangladesh; 81 dead; economic loss: $8.1 billion; insured loss: $0.5 billion

·  All other events: economic loss: $126 billion; insured loss: $44 billion

Totals: economic loss: $2321 billion; insured loss: $71 billion1,2

1 Subject to change as loss estimates are further developed

2 Includes losses sustained by private insurers and government-sponsored programs