CHICAGO, Sept. 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 August 2016. Aon Benfield is the global reinsurance intermediary and capital advisor of Aon plc (NYSE: AON).
The report reveals that days of extreme rainfall across parts of the United States Gulf Coast and Midwest caused catastrophic flood damage in several communities during the month, killing at least 13 people.
Total economic losses were forecast at USD10-15 billion, while public and private insured losses were expected to be in the low-digit single billions (USD), due to the regionally low participation in the National Flood Insurance Program (NFIP), which has resulted in more than 80 percent of damaged homes not having flood insurance.
Meanwhile, a severe magnitude-6.2 earthquake struck central Italy, killing 296 people and causing catastrophic damage in the hardest-hit towns of Amatrice, Accumoli, Pescara del Tronto, Arquata del Tronto, and Posta.
Total economic damage was estimated to reach into the billions of dollars (USD); however, given very low insurance penetration, the insured loss portion was expected to be a fraction of the overall cost.
Steve Bowen, Impact Forecasting director and meteorologist, said: "August was an active month for global natural disasters, led by two major catastrophes: historic flooding in Louisiana and a major earthquake in central Italy. While both these events were multi-billion dollar disasters, unfortunately, the vast majority of the losses are likely to be uninsured, further exposing the reality that certain perils remain vastly underinsured regardless of region. Indeed, as we enter the final third of 2016, roughly 75 percent of the year's disaster losses have been uninsured."
Further natural disaster events to have occurred during August include:
To view the full Impact Forecasting August 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