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Press release from PR Newswire

Canada impacted by second billion-dollar loss event in 2013, according to Impact Forecasting catastrophe report

Wednesday, August 07, 2013

Canada impacted by second billion-dollar loss event in 2013, according to Impact Forecasting catastrophe report

11:36 EDT Wednesday, August 07, 2013

CHICAGO, Aug. 7, 2013 /PRNewswire/ -- 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 July 2013. Aon Benfield is the global reinsurance intermediary and capital advisor of Aon plc (NYSE: AON).

The report reveals that strong thunderstorms brought record rainfall to the greater Toronto metropolitan region, resulting in Canada's second billion-dollar natural disaster event of 2013 ? the first being an extensive flood event that inundated the province of Alberta in June.

No fatalities or serious injuries were reported amid the flooding and power outages, and total economic losses were estimated to approach CAD1.5 billion (USD1.45 billion), with an expectation that roughly half of that cost will be covered by insurance (CAD750 million (USD730 million)).

Meanwhile, three stretches of severe weather impacted the United States during the month, comprising highly damaging straight-line winds and hail. Total combined economic and insured losses were expected to reach hundreds of millions of dollars (USD).

Steve Jakubowski, President of Impact Forecasting, said: "With the calendar turning into August, the focus in the United States begins to shift from tornadoes to hurricanes as we begin to enter the peak of the Atlantic Hurricane Season. The U.S. remains in a record stretch without a major hurricane landfall (Category 3+), though recent history with Superstorm Sandy (2012), Hurricane Irene (2011) and Hurricane Ike (2008) shows that storms with weaker intensities can still cause catastrophic damage. Historical averages suggest that the U.S. is overdue for a major hurricane landfall, and we'll watch to see what the rest of the 2013 season brings."

Elsewhere during the month, seasonal rainfall swept across several Asian countries.

China was among the hardest-hit, with three stretches of severe rainfall killing more than 225 people and causing economic losses in excess of USD1.0 billion.

Monsoon rains prompted renewed flooding and landslides in northern India, killing at least 174 people in the state of Uttar Pradesh.

Elsewhere in Asia, excessive rainfall resulted in dozens of casualties and severe damage across Indonesia, Myanmar, Thailand, Vietnam, Japan, and North Korea.

A magnitude-5.9 earthquake occurred in China's Gansu Province, killing at least 95 people, injuring 2,840 others, and causing total economic losses at CNY20 billion (USD3.25 billion) according to the Ministry of Civil Affairs (MCA), with an estimated 80,000 homes damaged or destroyed.

Also in Asia, a magnitude-6.1 earthquake impacted Indonesia's Aceh Province, killing at least 39 people and injuring more than 2,362 others. The heaviest damage was recorded in the districts of Bener Meriah and Central Aceh, where a combined 16,019 homes and 626 public facilities were damaged or destroyed.

In New Zealand, a magnitude-6.5 earthquake occurred in the Cook Strait causing minor damage across the North and South islands. Four people were injured and the New Zealand Earthquake Commission (EQC) reported that at least 3,128 insurance claims had been filed, resulting in an estimated insured loss of NZD50 million (USD40 million).

Three tropical cyclones affected Asia during July, the costliest being Super Typhoon Soulik, which caused USD460 million in economic damages after making landfall in Taiwan and China. Meanwhile, Typhoon Rumbia caused economic losses of USD177 million in China after affecting the provincial regions of Guangdong, Guangxi and Yunnan; and Tropical Storm Cimaron made landfall in China's Fujian Province, causing an estimated USD253 million in economic damages.

Hurricane Erick skirted the western Mexico coastline, killing two people; while Tropical Storm Chantal degenerated while crossing the Caribbean Sea

To view the full Impact Forecasting July 2013 Global Catastrophe Recap report, please follow the link below:

http://thoughtleadership.aonbenfield.com/Documents/20130806_if_july_global_recap.pdf

To access the Catastrophe Insight website, please visit:

www.aonbenfield.com/catastropheinsight            

About Aon Benfield

Aon Benfield, a division of Aon plc (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 Impact Forecasting® LLC

Impact Forecasting is a catastrophe modeling center of excellence whose seismologists, meteorologists, engineers, mathematicians, finance risk management and insurance professionals analyze the financial implications of natural and man-made catastrophes around the world.  Impact Forecasting's experts develop software tools and models that help clients understand risks from hurricanes, tornadoes, earthquakes, wildfires and terrorist attacks on property, casualty and crop insurers and reinsurers.  To find out more about Impact Forecasting® LLC, visit www.impactforecasting.com.

Media Contacts:

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 plc

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