New Zealand recently declared a state of emergency in some of its regions due to extreme weather and flooding. More than 500 people were forced to evacuate their homes in the country’s region of Nelson after receiving more than three times its average August rainfall in less than five days.
On the other side of the world, the Dallas County of Texas declared a state of emergency based on preliminary damage assessments of extreme rainfall and flooding. Some locations saw up to 15 inches of rainfall in less than 24 hours, leading to catastrophic flooding across the area.
Natural catastrophe models help deliver more long-term and holistic insights for companies. Following record 2021 European flood activity, Aon’s extended collaboration with the Karlsruhe Institute of Technology incorporates the latest climate science into Impact Forecasting models to help develop more accurate loss estimates.
According to Andy Marcell, CEO of Aon’s Reinsurance Solutions, “It is why we are deploying artificial intelligence to create new predictive models that are constantly learning and evolving to map the volatility of a changing climate. With improved insights and scalable solutions, we can help organizations make better decisions that make them more resilient.” Read more about how Aon helps clients address the complexity of climate risk in The Economist.
Aon’s catastrophe preparedness and response resources that help support an organization’s strategy to address and mitigate the potential impacts of hurricanes, earthquakes, flooding and other natural catastrophe impacts in North America are available here, and for the latest global updates on current catastrophe and meteorology news, subscribe to our weekly cat report.
To learn more about this year’s hurricane season and how Aon helps clients ensure they are prepared for the risks related to these severe weather events, listen to episode 33 of the “On Aon” podcast.