June floods in Asia lead to hundreds of millions of lossesJuly 12 2018 by InsuranceAsia News Staff
Seasonal floods in Asia led to dozens of fatalities and economic damage in the hundreds of millions of dollars in parts of India, Bangladesh, Myanmar and Vietnam, contributing significantly to a multi-billion global economic loss in June.
According to the monthly Global Catastrophe Recap report by Aon’s Reinsurance Solutions business, hail and windstorms were the major causes of multi-billion economic losses in the month.
Among the hardest-hit US states was Colorado, where separate major hailstorms struck the metro areas of Denver, Boulder and Colorado Springs.
Total combined economic losses from all the three events were expected to approach US$4 billion, with insurers expected to cover more than US$3 billion of the cost.
An earthquake in Japan on June 18 also resulted in 78,838 claims with payouts listed at about US$125 million.
Drought conditions in China’s Inner Mongolia also led to at least US$91 million in agricultural damage.
- September 21
The damage caused in Hong Kong last weekend could cost the insurance industry more than US$1bn.
- September 14
A powerful storm is set to hit the northern islands of the Philippines and come close to Hong Kong over the weekend.
- September 10
The direct damage and business interruption costs of the heavy rains in Kerala are still being assessed.
- August 20
Of the US$36bn total global economic losses in the first half, US$20bn were covered by insurance.