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Press release from PR Newswire

Super Typhoon Haiyan leads November catastrophe losses with $6bn economic impact, according to Impact Forecasting report

Friday, December 06, 2013

Super Typhoon Haiyan leads November catastrophe losses with $6bn economic impact, according to Impact Forecasting report

10:38 EST Friday, December 06, 2013

CHICAGO, Dec. 6, 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 November 2013. Aon Benfield is the global reinsurance intermediary and capital advisor of Aon plc (NYSE:AON).

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

The report reveals that Super Typhoon Haiyan made landfall in the central Philippines as one of the strongest tropical cyclones ever recorded, killing at least 5,719 people and injuring 26,233 others, with 1,779 people declared  missing. Total economic losses ? including damage and reconstruction costs ? were estimated at PHP250 billion (USD5.8 billion), while insured losses were expected to reach the hundreds of millions of dollars (USD).

Steve Bowen, Impact Forecasting senior scientist and meteorologist, said: "The level of devastation and casualties in the Philippines sustained from Super Typhoon Haiyan makes this one of the most significant natural disaster events in 2013. The substantial impacts from Haiyan highlight the vital roles that catastrophe modeling and the insurance industry can have in both analyzing future risks and helping communities to recover more quickly following a major event. Remarkably, Haiyan became the third Category 5 storm to make landfall in the Philippines since 2010. This is in stark contrast to the United States, which has not endured a Category 3+ hurricane landfall since October 2005."

Also in November, Cyclone Helen made landfall in the Indian state of Andhra Pradesh, killing at least 10 people and causing damage to 600 villages in the Andhra Pradesh districts of Krishna, Guntur, East Godavari, West Godavari, and Visakhapatnam.  State officials estimated that more than one million acres (405,000 hectares) of crops were destroyed, with total economic losses reaching INR50 billion (USD800 million).

In central and southern Vietnam, Tropical Depression Podul killed at least 42 people and damaged or destroyed 427,258 homes and around 6,000 hectares (15,000 acres) of cropland, resulting in economic losses estimated at VND1.5 trillion (USD72 million).

In Somalia, Tropical Storm Three made a rare landfall, bringing torrential rains and periods of gusty winds to much of the country. Government officials reported that 440 people had been declared dead or missing as thousands of homes, roads and bridges were destroyed.

A rare November major severe weather outbreak struck the United States during the month, killing at least 10 people and injuring 300 others. According to the Storm Prediction Center (SPC) at least 106 tornado touchdowns were registered, with 74 confirmed ? representing the third-most prolific November U.S. tornado outbreak since 1950. Total economic losses were estimated to exceed USD1.0 billion, with insurance losses expected to reach well into the hundreds of millions of dollars (USD).

Severe weather also affected parts of Australia's Queensland (QLD) and New South Wales (NSW) during the month as separate stretches of powerful thunderstorms produced hail and spawned tornadoes. Total economic and insured losses were estimated in the millions of dollars (USD).

In the Italian island of Sardinia, extratropical storm named Ruven brought more than 385 millimeters (15 inches) of rain in less than 24 hours, killing at least 18 people. Government officials allocated EUR103 million (USD140 million) for damage and recovery costs.

Flooding was also recorded in Colombia, Saudi Arabia, Iraq, Somalia, and Vietnam during November.

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

http://thoughtleadership.aonbenfield.com/Documents/20131205_if_november_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 Benfield

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