Chicago, 12/04/14 – Impact Forecasting, the catastrophe model development center of excellence at Aon Benfield, today releases the latest edition of its monthly Global Catastrophe Recap report, which reviews the natural disaster perils that occurred worldwide during November 2014. Aon Benfield is the global reinsurance intermediary and capital advisor of Aon plc (NYSE:AON).

The report reveals that the United States endured four separate winter weather events during the month, including the first polar vortex of the season and a near record-breaking snow event in the northeast. 

The polar vortex phenomenon engulfed much of the country, with all 50 states reporting that at least one of their weather stations had recorded temperatures at or below 32ºF (0ºC). A later storm system affected 20 million people and disrupted travel around the Thanksgiving holiday. 

A total of 29 people were killed as a result of the events, and with damage assessments still pending, aggregate economic losses were expected to reach into the hundreds of millions (USD). 

Adam Podlaha, Head of Impact Forecasting, said: “An active winter season in North America is often a precursor to increased winter storm activity in Europe, as North America can be the point of origin for many winter events. To help our clients analyze potential risks associated with the windstorm peril in Europe, Impact Forecasting has developed a catastrophe model to assist them to better prepare for future events. European windstorms have led to an average USD2.6 billion in annual insured losses during the past ten years, and given that they caused more than USD3.1 billion in insured losses in 2013, it is important that our clients have access to a dependable model to better mitigate losses and forecast future scenarios.”

Meanwhile, one of the most significant hailstorms in decades to affect Australia’s greater Brisbane metropolitan region struck at the end of November, injuring at least 12 people.

Tennis ball-sized hail, high winds, and flooding rains caused considerable damage to residential and commercial properties and vehicles, with the Insurance Council of Australia indicating that nearly 69,000 claims had been filed amid preliminary payouts totaling AUD482 million (USD404 million). Given the widespread scope of damage, these figures were expected to steadily grow in the coming weeks.

Severe weather also struck northern Italy during the month, killing at least three people and causing estimated economic losses of EUR200 million (USD250 million).

Elsewhere, winter weather affected China’s Xinjiang and Heilongjiang provinces causing widespread damages and economic losses of USD245 million.

Flooding was prevalent worldwide in November, most notably in the EMEA region where one disaster event killed 13 people and caused  hundreds of millions of dollars (USD) worth of damage in parts of France, Switzerland, Italy, and Albania. 

In Morocco, 47 people died and thousands of properties were damaged as excessive rains fell. Total economic damages were estimated at up to MAD4.0 billion (USD450 million). Extensive damage to properties from flooding was reported in parts of the Caribbean, and tens of thousands of people were displaced in Thailand. Seasonal rains also left thousands of residents homeless in parts of Argentina, Uganda, Somalia, and the Indonesian island of Sumatra.

At least five people were killed by a magnitude-5.9 earthquake that struck China’s Sichuan province, with at least 25,000 properties damaged as a result of the main tremor and subsequent aftershocks. A magnitude-6.2 earthquake struck central Japan, injuring 46 people and damaging at least 855 properties.

Tropical Storm Sinlaku formed over the Philippines at the end of the month, killing four people and damaging almost 3,000 homes. The storm also affected Vietnam where further damage to property and agricultural land were sustained from the system’s torrential rains. 

Government officials in Jamaica announced that more than 18,309 small farms had been affected this year by drought conditions, and that the agricultural sector had lost more than USD10 million as a result.

To view the full Impact Forecasting November 2014 Global Catastrophe Recap report, please follow the link:

http://bit.ly/15P411x
 
To access the Catastrophe Insight website, please visit:

www.aonbenfield.com/catastropheinsight   
  
                                                                          --ENDS--