Chicago, Aug. 4, 2011 — Aon Benfield, the global reinsurance intermediary and capital advisor of Aon Corporation (NYSE: AON), today releases the latest edition of its Monthly Cat Recap report, which reviews the natural disaster perils that occurred worldwide during July.
Published by Impact Forecasting, the firm’s catastrophe model development center of excellence, the report reveals that the month was characterized by an increase in global tropic cyclone activity as the calendar turns to the Atlantic Hurricane Season reaching its historical peak of activity.
The most prolific storm, Typhoon Nock-ten, made separate landfalls in the Philippines, China and Vietnam, killing at least 72 people, and injuring 53 others, amid total economic losses estimated at USD113 million.
Meanwhile, Typhoon Ma-on made a brief landfall on Japan’s Shikoku Island, killing at least five people, injuring dozens more, and causing a total economic loss estimated at JPY3.9 billion (USD50 million).
Steve Jakubowski, President of Impact Forecasting, said: “During the month of July we began to see an uptick in global tropical cyclone activity. This is not surprising, given that we are approaching the traditional peak period of the Atlantic Hurricane Season during the months of August and September. Several parts of Asia were particularly affected by tropical cyclones during the month in the Northwest Pacific Basin, but the level of losses will probably be in line with reinsurers’ expectations.”
During July, monsoon rains prompted continued flooding throughout parts of Asia. In China, four separate periods of heavy rainfall and thunderstorms across 20 provinces killed at least 122 people, and subsequent floods and landslides affected more than 300,000 homes, as well as thousands of hectares of crops and transportation infrastructure.
Total combined direct economic losses were listed at CNY12.41 billion (USD1.73 billion) by the Ministry of Civil Affairs.
Significant flooding and landslides were also witnessed in South Korea, where at least 62 people were killed and dozens more were injured in central regions of the country. According to the National Emergency Management Agency, at least 11,000 homes were inundated, as well as large areas of infrastructure.
Total economic losses were expected to reach hundreds of millions of dollars (USD), and South Korea’s Financial Supervisory Service noted that at least 5,839 auto claims had already been filed, with payouts forecast to exceed KRW40.3 billion (USD38.3 million).
Additional notable flood events during the month were reported in Mexico, Brazil, Denmark and Australia.
The United States endured at least four periods of severe weather in July, particularly across parts of the Midwest, Plains and the Rockies. Total combined economic losses were preliminarily listed at USD1.3 billion, while insured losses were a combined USD900 million.
Severe weather damage was also found in parts of Australia and Russia’s Far East.
A magnitude-6.1 earthquake struck southern areas of Kyrgyzstan on July 19. The tremor killed at least 14 people near the intersection of the borders of Kyrgyzstan, Tajikistan and Uzbekistan, with total economic losses of KSG414 million (USD9.3 million).
To view the full July Cat Recap report, please click here.
About Aon Benfield
As a recognized leader in treaty, facultative and capital markets, Aon Benfield is redefining the role of the reinsurance intermediary and capital advisor. Through our notable expertise and industry-leading proprietary tools and products, we help our clients to redefine success. Aon Benfield offers unbiased capital advice and customized access to reinsurance and capital markets. As a trusted advocate, we provide local reach to the world’s markets, an investment in innovative analytics, including catastrophe management, actuarial, and rating agency advisory, and the right professionals to advise clients in making the optimal capital choice for their business. With an international network of more than 80 offices in 50 countries, our worldwide client base is able to access a broad portfolio of integrated capital solutions and services. Learn more at 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.
Aon Corporation (NYSE: AON) is the leading global provider of risk management services, insurance and reinsurance brokerage, and human capital solutions and outsourcing. Through its more than 59,000 colleagues worldwide, Aon unites to deliver distinctive client value via innovative and effective risk management and workforce productivity solutions. Aon’s industry-leading global resources and technical expertise are delivered locally in over 120 countries. Named the world’s best broker by Euromoney magazine’s 2008, 2009 and 2010 Insurance Survey, Aon also ranked highest on Business Insurance‘s listing of the world’s insurance brokers based on commercial retail, wholesale, reinsurance and personal lines brokerage revenues in 2008 and 2009. A.M. Best deemed Aon the number one insurance broker based on revenues in 2007, 2008 and 2009, and Aon was voted best insurance intermediary 2007-2010, best reinsurance intermediary 2006-2010, best captives manager 2009-2010, and best employee benefits consulting firm 2007-2009 by the readers of Business Insurance. Visit http://www.aon.com for more information on Aon and http://www.aon.com/unitedin2010 to learn about Aon’s global partnership and shirt sponsorship with Manchester United.