A mid-year natural disaster analysis from Impact Forecasting, the catastrophe model development center of excellence at Aon Benfield, puts economic losses from global natural disasters at $85 billion, higher than the $75 billion for the same period in 2012, but “around 15 percent lower than the 10-year (2003-2012) average of $100 billion.
Insured losses for the period reached $20 billion, lower than the $25 billion for the 1st half of 2012, and, the report said, “approximately 20 percent below the 10-year average of $25 billion. Roughly 50 percent of the insured losses resulting from natural disaster events were recorded in the United States.
“Around 24 percent of global economic losses during the first half of 2013 period were covered by insurance, a figure slightly below the 10-year (2003-2012) average of 28 percent, and due to multiple significant catastrophe events occurring in areas where insurance penetration or specific peril coverage remained low.”
Ranked by the size of the losses, the “five largest economic loss events in 1H 2013 were: The Central Europe floods during May/June ($22 billion); the China earthquake on April 20 ($14 billion); the Brazil drought ($8.3 billion); the U.S. severe weather outbreak from May 18-22 ($4.5 billion); and the China drought ($4.2 billion).”
Ranked in terms of insured losses, there were seven billion-dollar insured loss events in the first half of 2013: “the Central Europe floods during May/June ($5.3 billion); the U.S. severe weather outbreak of May 18-22 ($2.5 billion); the U.S. severe weather outbreak of March 18-20 ($1.25 billion); the U.S. severe weather outbreak of May 26-June 2 ($1.20 billion); the Australia floods during January ($1.04 billion); the Canada floods during June ($1.0 billion), and a U.S. winter storm in early April ($1.0 billion).”
The full Impact Forecasting 1H 2013 Global Natural Disaster Analysis report is avaialable.
Source: Impact Forecasting/Aon Benfield