Even before the devastating wildfires in Alberta, the global economy suffered its worst April for natural disaster losses in five years, according to a new report.
Several major earthquakes, storms and flooding caused billions in economic damage during the month, according to a report from global insurance brokerage Aon plc.
Two major earthquakes in Japan caused an estimated US$10 billion in total economic damage, the report says, including structural damage and business interruption, alongside 66 deaths and more than 4,000 injuries.
Additionally, a major earthquake in Ecuador did an estimated US$3 billion in damage, with a much higher death and injury toll. The insured losses from that quake are much lower, the report notes, given relatively low insurance penetration levels in the country.
There were also five major storms in the United States that caused total economic losses estimated of more than US$4.0 billion, and insurance losses of at least US$3.0 billion, the report says, and a major flash flood in Houston generated total economic losses of more than US$1.0 billion.
As well, flooding in Argentina caused total economic losses to agriculture alone of US$1.3 billion,
There were major flood events were in various other countries around the world and a deadly heat wave in India during the month, the report adds.
“The global footprint of natural disaster losses in April was significant. Between major events such as the Kumamoto earthquake, the severe convective storms and flooding in the United States, and flooded agriculture in Argentina, economic and insured losses are poised to make this the costliest April since 2011,” says Steve Bowen, director at Impact Forecasting, Aon Benfield’s catastrophe model development team, in a statement.
Aon Benfield is the global reinsurance intermediary and capital advisor of Aon plc.
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