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.
Insured losses caused by natural catastrophes in the first half of 2014 totaled about $17 billion, up from about $11 billion for the comparable period last year but below the 10-year average of $25 billion, according to statistics published Wednesday by Munich Reinsurance Co.