Aon Benfield has released the latest edition of its monthly Global Catastrophe Recap report, an evaluation of the impacts of natural disasters worldwide for April 2016. According to the reinsurer, this has been the worst month in the past five years in terms of natural disasters.
The report mentions the two major earthquakes that hit Japan this April, causing widespread devastation and claiming the lives of at least 66 people. Economic losses, including physical damage to infrastructure, as well as business interruption, were expected to exceed US$10bn.
According to the General Insurance Association of Japan, almost 70,000 non-life insurance claims have been submitted, with total insured losses estimated at US$2bn
Another major earthquake struck Ecuador on April 16. Almost 700 were killed and 18,000 were injured in the 7.8 magnitude quake. The total economic cost for the damage and reconstruction was expected to be above US$3bn, but with low insurance penetration in the country, insured losses are expected to be much lower.
Steve Bowen, director at Impact Forecasting, said: "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. The large differential between the economic and insured losses is yet another reminder of how much opportunity exists for the insurance industry to help engage with governments, communities and businesses around the world to provide the risk expertise that can help mitigate the effects of natural disasters."
Aside from those previously mentioned, the following disasters also happened:
- Five strong convective storms hit the U.S., with insurance losses over US$3bn.
- Torrential rains caused major flooding in Argentina, causing US$1.3bn in agricultural losses.
- Extreme rain also caused flooding in the US, with the greater Houston metropolis the most affected. Over US$1bn in economic losses is expected.
- Flooding also occurred in Chile, China, Ecuador, Uruguay, Haiti, Russia, Saudi Arabia, Yemen, Oman, Uganda, Angola, Somalia, Ethiopia, India, and Afghanistan.
- A severe heatwave in India killed at least 300 people, with the states of Telangana and Andhra Pradesh hitting temperatures over 44°C
Not yet included in this report is the huge wildfire currently raging in Fort McMurray, Alberta, which has forced around 100,000 residents to evacuate. The blaze has reached over 2,000 square kilometres and is approaching the Saskatchewan border.
