October catastrophes cause billions in losses
Reprints
October global catastrophe losses will reach into the billions of dollars, according to an Aon PLC report Friday.
The U.S was hit with a string of severe weather events last month, several of which each caused economic losses of hundreds of millions of dollars.
A majority of the expected $300 million or more in damages from a severe weather outbreak in the southern plains and Midwest Oct. 10-11 was covered by public and private insurers, Aon said. The storms brought damaging winds, tornadoes and large hail.
On the West Coast, total economic and insured losses are expected to reach “well into the hundreds of millions” of dollars from a strong mid-latitude Pacific storm system across parts of California, Oregon, and Washington from Oct. 24-27. Central and northern California was hit hard by the heavy rainfall, winds, downed trees and floodwaters that led to widespread damage to property and infrastructure, the report said.
Economic losses from flash-flooding in the Lower Mississippi Valley and Southeast Oct. 4-7 were estimated at $325 million, most of which was uninsured, according to Aon.
Tens of thousands of claims are expected by insurers across Europe from Windstorm Aurore, also known as Hendrik, which hit northern France, central Germany, the western Czech Republic and parts of Poland Oct. 20-21, with total losses expected to reach into the hundreds of millions of Euros.
Meanwhile, the Insurance Council of Australia declared an insurance catastrophe for thunderstorms in South Australia, Victoria and Tasmania in late October, with total economic and insured losses estimated at more than $100 million.
Brian Kerschner, senior catastrophe analyst for Aon’s impact forecasting team, said that October can be a “second season” for severe weather in the United States as it marks the transition from summer warmth to cooler autumn temperatures.
