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Natural catastrophes cause global insured damages of $22B in first half: Report

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Natural catastrophes cause global insured damages of $22B in first half: Report

Natural catastrophes caused about $22 billion in insured damage during the first half of 2014, according to a report issued Wednesday by Aon Benfield Group Ltd.

That total, however, is down 19% from the 10-year average of $27 billion, according Aon Benfield's Impact Forecasting's “1H 2014 Global Catastrophe Recap.”

There were at least seven separate billion-dollar insured loss events during the first six months of this year, according to the report. The most expensive, causing $2.5 billion in insured losses each, were winter weather in Japan in February and severe weather in Belgium, France and Germany June 8-10.

Severe winter weather that struck much of the United States Jan. 5-8 caused an estimated $1.6 billion in insured damage, the report said.

The other events that led to more than $1 billion in insured damage each were severe weather in the United States May 18-23, which caused $1.5 billion in insured damage; U.S. severe weather April 27-May 1, which caused $1.25 billion in insured damage; and winter flooding in the United Kingdom that resulted in $1 billion in insured damage.

Insured damages from ongoing drought in the western United States that began in January have yet to be determined but are expected to be above $1 billion.

The report is available here.

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