Aug. 8, 2012 – The recent flooding in China caused more than $8.3 billion (USD) in economic losses across the country, according Aon Benfield’s latest edition of its Global Catastrophe Recap report.
Published by Impact Forecasting, the firm’s catastrophe model development centre, the report reviews the natural disaster perils that occurred worldwide during July.
Heavy rainfall in China spawned flooding and landslides in nearly two-dozen provinces, leading to 324 deaths, at least 475,000 homes destroyed or damaged and more than 1.66 million hectares of cropland affected, according to the Ministry of Civil Affairs.
Total combined economic losses were listed at $8.3 billion, while the China Insurance Regulatory Commission noted that 47,000 claims were filed with payouts in excess of $176 million (USD).
“Much of China was affected by flooding rainfall during July, including parts of Beijing experiencing its heaviest rains in 61 years. On the opposite extreme, much of the U.S. continued to face its worst drought in several decades. Both weather events have impacted crops and the agriculture industry,” said Steve Jakubowski, president of Impact Forecasting.
About Aon Benfield
Aon Benfield, a division of Aon plc, 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 Aon
Aon plc (NYSE: AON) is the leading global provider of risk management, insurance and reinsurance brokerage, and human resources solutions and outsourcing services. Through its more than 61,000 colleagues worldwide, Aon unites to empower results for clients in over 120 countries via innovative and effective risk and people solutions and through industry-leading global resources and technical expertise. Aon has been named repeatedly as the world’s best broker, best insurance intermediary, reinsurance intermediary, captives manager and best employee benefits consulting firm by multiple industry sources. Visit www.aon.com for more information on Aon and www.aon.com/manchesterunited to learn about Aon’s global partnership and shirt sponsorship with Manchester United.
Tags: Aon, China, flood, Natural Catastrophes
