General Insurance Article - Typhoon Haiyan leads November catastrophe losses


 Impact Forecasting, the catastrophe model development center of excellence at Aon Benfield, has released the latest edition of its monthly Global Catastrophe Recap report, which reviews the natural disaster perils that occurred worldwide during November 2013.
 
 The report reveals that Super Typhoon Haiyan made landfall in the central Philippines as one of the strongest tropical cyclones ever recorded, killing at least 5,719 people and injuring 26,233 others, with 1,779 people declared missing. Total economic losses – including damage and reconstruction costs – were estimated at PHP250 billion (USD5.8 billion), while insured losses were expected to reach the hundreds of millions of dollars (USD).
 
 Steve Bowen, Impact Forecasting senior scientist and meteorologist, said: “The level of devastation and casualties in the Philippines sustained from Super Typhoon Haiyan makes this one of the most significant natural disaster events in 2013. The substantial impacts from Haiyan highlight the vital roles that catastrophe modeling and the insurance industry can have in both analyzing future risks and helping communities to recover more quickly following a major event. Remarkably, Haiyan became the third Category 5 storm to make landfall in the Philippines since 2010. This is in stark contrast to the United States, which has not endured a Category 3+ hurricane landfall since October 2005.”
 
 Also in November, Cyclone Helen made landfall in the Indian state of Andhra Pradesh, killing at least 10 people and causing damage to 600 villages in the Andhra Pradesh districts of Krishna, Guntur, East Godavari, West Godavari, and Visakhapatnam. State officials estimated that more than one million acres (405,000 hectares) of crops were destroyed, with total economic losses reaching INR50 billion (USD800 million).
 
 In central and southern Vietnam, Tropical Depression Podul killed at least 42 people and damaged or destroyed 427,258 homes and around 6,000 hectares (15,000 acres) of cropland, resulting in economic losses estimated at VND1.5 trillion (USD72 million).
 
 In Somalia, Tropical Storm Three made a rare landfall, bringing torrential rains and periods of gusty winds to much of the country. Government officials reported that 440 people had been declared dead or missing as thousands of homes, roads and bridges were destroyed.
 
 A rare November major severe weather outbreak struck the United States during the month, killing at least 10 people and injuring 300 others. According to the Storm Prediction Center (SPC) at least 106 tornado touchdowns were registered, with 74 confirmed – representing the third-most prolific November U.S. tornado outbreak since 1950. Total economic losses were estimated to exceed USD1.0 billion, with insurance losses expected to reach well into the hundreds of millions of dollars (USD).
 
 Severe weather also affected parts of Australia’s Queensland (QLD) and New South Wales (NSW) during the month as separate stretches of powerful thunderstorms produced hail and spawned tornadoes. Total economic and insured losses were estimated in the millions of dollars (USD).
 
 In the Italian island of Sardinia, extratropical storm named Ruven brought more than 385 millimeters (15 inches) of rain in less than 24 hours, killing at least 18 people. Government officials allocated EUR103 million (USD140 million) for damage and recovery costs.
 
 Flooding was also recorded in Colombia, Saudi Arabia, Iraq, Somalia, and Vietnam during November.
 
 To view the full Impact Forecasting November 2013 Global Catastrophe Recap report, please follow the link below:
 
 http://thoughtleadership.aonbenfield.com/Documents/20131205_if_november_global_recap.pdf
  

Back to Index


Similar News to this Story

Sleighing the risks by giving Santa the insurance he needs
While you might be the most magical employer in the world, we know that even you aren’t immune to the risks of running a global delivery service! From
Diversity improving in insurance and long term savings
Key figures from the Association of British Insurers’ latest Diversity, Equity and Inclusion (DEI) data collection highlight the work of insurers and
Almost a third of homeowners have been victims of burglaries
Research commissioned by Co-op Insurance reveals that almost one in three (29%) homeowners have been the victims of theft from their home. The member-

Site Search

Exact   Any  

Latest Actuarial Jobs

Actuarial Login

Email
Password
 Jobseeker    Client
Reminder Logon

APA Sponsors

Actuarial Jobs & News Feeds

Jobs RSS News RSS

WikiActuary

Be the first to contribute to our definitive actuarial reference forum. Built by actuaries for actuaries.