Asia suffers US$10bn catastrophe losses in six weeksAugust 10 2017 by InsuranceAsia News Staff
About US$10 billion in economic losses were recorded across Asia in July alone due to severe flooding, a catastrophe report from Aon said.
Impact Forecasting, the catastrophe model development team of Aon Benfield, said in its monthly Global Catastrophe Recap that the nonstop seasonal flooding that began in the middle of June extended in July and led to fatalities and damage in parts of Asia.
China logged the biggest impact with nearly 200 people left dead or missing and hundreds of thousands of houses either damaged or destroyed.
According to the estimates by the Ministry of Civic Affairs, the aggregate economic flood damage reached US$10 billion during the six-week period.
Japan also suffered damages from tropical storm Nanmadol, with losses pegged at about US$1 billion.
More than 2,600 homes and other structures were ravaged by flooding and landslides in Fukuoka, Oita, the report added.
- July 12
Seasonal flooding led to fatalities and significant damage in parts of India, Bangladesh, Myanmar and Vietnam.
- July 11
Four companies are offering a six-month waiver to those affected by the torrential rains in western Japan.
- July 9
The rain is forecast to continue for the next couple of days and many landslide warnings have been issued.
- July 5
The multi-sector alliance aims to generate US$1bn in additional funding for flood resilience.