CHICAGO, May 7, 2015 /PRNewswire/ -- Impact Forecasting, Aon Benfield's catastrophe model development team, today launches the latest edition of its monthly Global Catastrophe Recap report, which evaluates the impact of the natural disaster events that occurred worldwide during April 2015. Aon Benfield is the global reinsurance intermediary and capital advisor of Aon plc (NYSE:AON).
The report reveals that a magnitude-7.8 earthquake struck Nepal during the month, killing as many as 10,000 people and causing catastrophic damage throughout Nepal, India, China, and Bangladesh. Preliminary economic losses were expected to reach and possibly exceed USD5.0 billion – which would equal to at least 25 percent of Nepal's gross domestic product (GDP) – with very low insurance penetration in the region. Government figures revealed that more than 700,000 homes and other structures were damaged or destroyed by the earthquake, as well as dozens of historical sites.
Adityam Krovvidi, Head of Impact Forecasting Asia Pacific, said: "While the level of damage and casualties was enormous, the seismological magnitude of the event in the Indo Nepal region was not unexpected. Scientists have been warning about a major event resulting from the 'central seismic gap' in the Himalayan fault system since the 1934 event. Unfortunately for the earthquake peril, timing is always the greatest unknown factor. The vulnerability of buildings and structures in Nepal poised a significant risk given the absence of good seismic code history and implementation practice. Impact Forecasting has already developed an earthquake scenario model for Nepal, which it released at its Singapore conference this week, and is planning to send a team of seismic and vulnerability experts to conduct a reconnaissance study. Our findings will be published in the coming months."
United States severe thunderstorm activity increased significantly in April, with five separate events impacting central and eastern areas of the country. Dozens of tornadoes touched down, with parts of the Plains, Midwest, Southeast, Mid-Atlantic and Southeast sustaining the worst damage. Total combined insured losses were expected to reach USD2.0 billion, including more than USD750 million from one event alone. Despite an active month for U.S. tornadoes (185), the annual total remained at a historically low level.
Also occurring in April:
To view the full Impact Forecasting April 2015 Global Catastrophe Recap report, please follow the link:
Along with the report, users can access current and historical natural catastrophe data and event analysis on Impact Forecasting's Catastrophe Insight website, which is updated bi-monthly as new data become available:
SOURCE Aon plc