Natural catastrophes serve up quieter first half in 2018
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The first half of 2018 saw lower-than-normal insured losses from natural catastrophes, according to a report released Tuesday by Aon P.L.C.’s Impact Forecasting unit.
Insured losses of approximately $21 billion in the first half of 2018 were down 40% from the 10-year average of $35 billion and down 19% from the 18-year average of $26 billion, according to the report.
The figures are considered preliminary and subject to change, the report said.
Estimated economic losses of $45 billion were down 64% percent from the $124 billion average over the past 10 years and down 48% compared with a 21st-century baseline of $87 billion, the report said.
The Asia-Pacific region saw the most disasters in the first half of 2018 with 55, followed by Europe, Middle East and Africa with 44 events, the United States with 37 and the Americas not including the U.S. with 20, the report said.
There were at least five events in the first half of 2018 that caused $1 billion or more in insured losses — four in the U.S and one in the EMEA region.
There were at least 15 events in the first half of 2018 that caused $1 billion or more in economic losses: Six in the U.S., four each in EMEA and Asia-Pacific, and one in the Americas.
Winter weather and European windstorm perils caused above-average economic and insured losses, while flooding losses were well below normal, the report said.
The Aon report added, however, that “third quarter is historically the most expensive for natural disasters given the peak of tropical cyclone season in the Atlantic and Pacific Oceans.”
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