CHICAGO, December 6, 2019 – Aon plc (NYSE:AON), a leading global professional services firm providing a broad range of risk, retirement and health solutions, 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 November 2019.
The report reveals that flooding and inland storms led to multi-billion-dollar economic loss in western and southern Europe during the month.
Italy suffered the majority of losses as an active stretch of cyclonic weather resulted in significant flooding and severe weather. The historical center of Venice, Italy, was flooded on November 12 by the second highest tide on record since 1923, while a pattern of flooding and severe weather from November 11-19 caused additional widespread damage across Italy and parts of Austria.
Total aggregated economic losses, including the effects of tidal flooding in Venice, were tentatively estimated at EUR1.7 billion (USD1.9 billion), with insurers in Austria alone citing losses reaching well into the tens of millions EUR. Further flooding events in France, Italy and England during November resulted in combined economic losses expected to exceed USD1.0 billion.
Michal Lorinc, Catastrophe Analyst within Aon’s Impact Forecasting team, said: “Despite a costly November resulting from major flooding events in the UK, France, Italy and Austria, European insurers have generally endured manageable losses thus far in 2019. The flood peril has also recently been active across East Africa as excessive rainfall and flooding has led to significant humanitarian impacts. The issue of financial maturity remains an important topic in different parts of the world. The insurance industry is expected to play an even more integral role in helping to introduce sustainable and tailored products and solutions to further promote resilience and preparedness.”
Meanwhile, two catastrophes were declared by the Insurance Council of Australia due to bushfires and hail. As of November 22, at least 1,525 claims had been filed due to the fires, with insured losses listed at AUD165 million (USD112 million). Nearly 16,000 claims were reported due to the hailstorm in Queensland, with losses estimates at AUD120 million (USD82 million). The overall economic cost was even higher.
Cyclone Matmo – also locally named “Bulbul” – made landfall near the India and Bangladesh border on November 9 (UTC), killing at least 39 people. Total economic losses were preliminarily estimated at upwards of INR238 billion (USD3.3 billion).
Other natural hazard events to have occurred in November include:
To view the full Impact Forecasting November 2019 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 Forecastig’s Catastrophe Insight website, which is updated bi-monthly as new data become available:
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