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Thai floods could cost insurers USD10 billion or more, according to Aon Benfield November catastrophe study

European Floods Could Spawn Nearly USD1.1 Billion Insured Loss

Dec 6, 2011

CHICAGO, Dec. 6, 2011 /PRNewswire/ -- Aon Benfield, the global reinsurance intermediary and capital advisor of Aon Corporation (NYSE: AON), today releases the latest edition of its Monthly Cat Recap report, which reviews the natural disaster perils that occurred worldwide during November.

(Logo:  http://photos.prnewswire.com/prnh/20100719/AQ37264LOGO)

Published by Impact Forecasting, the firm's catastrophe model development center of excellence, the report reveals that the worst flooding in decades continued across parts of Thailand for a fourth month as the death toll reached at least 657. The floods, which are receding throughout the country, affected more than 13.4 million people in at least 64 provinces. Total economic losses were estimated at THB1.41 trillion (USD45 billion) and industry estimates suggest that insured losses may exceed the THB309 billion (USD10 billion) threshold.

Also in Southeast Asia, Vietnam saw the death toll from persistent flooding in the Mekong River Delta reach at least 100 as waters began to subside. The Central Committee for Storm and Flood Control reported that more than 175,000 homes were destroyed and 99,000 hectares (245,000 acres) of rice and other crops were submerged. Total economic losses were estimated at VND2.85 trillion (USD135 million).

Meanwhile in Europe, a slow-moving extra-tropical area of low pressure (named 'Rolf') in the Mediterranean brought torrential rains and gusty winds across portions of France and Italy. French officials noted that 16 southern regions sustained impacts as several rivers overflowed their banks, killing at least three people. In northern Italy, several cities sustained various levels of flood inundation as seven people died. France's state-owned CCR group noted that total insured losses in the country alone were EUR800 million (USD1.09 billion).

Steve Jakubowski, President of Impact Forecasting, said: "As floodwaters throughout Thailand continue to recede, the true scope of the disaster's impact is starting to be realized. With assessments underway, it is clear that the billions in insured losses from the flooding will make this the costliest natural disaster event in Southeast Asia's recorded history. The losses also add to what already was one of the most economically active natural catastrophe years ever around the globe."

Elsewhere, the month recorded a bushfire destroying dozens of homes and structures in Western Australia, two moderate earthquakes in Turkey and China, plus a powerful winter storm in Alaska.

To view the full November Cat Recap report, please visit the link below:

http://thoughtleadership.aonbenfield.com/ThoughtLeadership/Documents/201112_if_monthly_cat_recap_november.pdf

Early next month, Impact Forecasting will release its Annual Global Climate & Catastrophe Report, a review of more than 240 catastrophic events during the past year. The report will also highlight economic and insured losses from around the world in 2011 and provide a glimpse into 2012 with an early preview of the upcoming Atlantic Hurricane Season and expected global climatology.

About Aon Benfield

Aon Benfield, a division of Aon Corporation (NYSE: AON), is the world's leading reinsurance intermediary and full-service capital advisor. We empower our clients to better understand, manage and transfer risk through innovative solutions and personalized access to all forms of global reinsurance capital across treaty, facultative and capital markets. As a trusted advocate, we deliver local reach to the world's markets, an unparalleled investment in innovative analytics, including catastrophe management, actuarial and rating agency advisory. Through our professionals' expertise and experience, we advise clients in making optimal capital choices that will empower results and improve operational effectiveness for their business. With more than 80 offices in 50 countries, our worldwide client base has access to the broadest portfolio of integrated capital solutions and services. To learn how Aon Benfield helps empower results, please visit aonbenfield.com.

About Aon

Aon Corporation (NYSE:AON) is the leading global provider of risk management, insurance and reinsurance brokerage, and human resources solutions and outsourcing services. Through its more than 61,000 colleagues worldwide, Aon unites to empower results for clients in over 120 countries via innovative and effective risk and people solutions and through industry-leading global resources and technical expertise. Aon has been named repeatedly as the world's best broker, best insurance intermediary, reinsurance intermediary, captives manager and best employee benefits consulting firm by multiple industry sources. Visit http://www.aon.com for more information on Aon and http://www.aon.com/manchesterunited to learn about Aon's global partnership and shirt sponsorship with Manchester United.

Media Contact:

 

 

David Bogg

Andrew Wragg

Alexandra Lewis                

Aon Benfield

Aon Benfield

Aon Benfield     

t: +44 (0)20 7522 4016

t: +44 (0)20 7522 8183

t: +44 (0)20 7882 0541       

e:david.bogg@aonbenfield.com 

e:andrew.wragg@aonbenfield.com 

e:alexandra.lewis@aonbenfield.com   

 

SOURCE Aon Corporation



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