CHICAGO, Feb. 9, 2016 /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 January 2016. Aon Benfield is the global reinsurance intermediary and capital advisor of Aon plc (NYSE:AON).
The report reveals that a powerful winter storm brought prodigious snowfall, high winds, coastal flooding, freezing rain, ice, sleet, and severe thunderstorms to the Eastern United States during the second half of January, killing 58 people and injuring dozens of others.
States of emergency were declared in 11 states and Washington, D.C. as the event was rated the fourth-largest winter storm in the Northeast and Mid-Atlantic since the 1950s by the National Oceanic and Atmospheric Administration (NOAA).
Total economic losses were tentatively estimated to exceed USD2.0 billion, while insured losses both from private and public entities were projected to reach well into the hundreds of millions.
Meanwhile, a prolonged period of Arctic cold and snowfall covered much of East Asia causing significant damage and impacting travel. At least 116 people were killed across Taiwan, Thailand, Japan, South Korea, and China.
Total combined economic losses from the event were cited at nearly USD2.0 billion, with China incurring CNY10.6 billion (USD1.6 billion) of the total cost.
Adam Podlaha, Head of Impact Forecasting, said: "Winter in the Northern Hemisphere was on full display to begin 2016, with several winter storm events impacting parts of the United States, Asia and Europe. Despite winter weather historically not being one of the costliest perils when compared to tropical cyclones or flooding, these winter events can still pose billion-dollar costs to the global economy. The peril continues to be of interest to the insurance industry as claims resulting from heavy snow or ice often quickly accumulate."
Further natural hazard events to have occurred during January 2016 include:
To view the full Impact Forecasting January 2016 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