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Member, Beacon International Group, Ltd.
U.K.-based insurance broker Aon P.L.C.'s unit said that catastrophes including droughts, wildfires, floods and typhoons in July are likely to have caused more than $7 billion in economic losses across the world, Artemis.bm reports. Impact Forecasting L.L.C. said that droughts are likely to cause more than $4 billion in losses in Northern Europe while wildfires in Greece and Sweden are expected to cause over hundreds of millions of dollars worth of damage. Heavy rains and floods in Japan are likely to cost insurers and reinsurers $711 million while typhoons and floods in China are expected to cause about $1.5 billion in losses, Impact Forecasting added.