Total economic losses from Tropical Storm Eta, which made two landfalls in Florida, are expected to top $1.1 billion, with nearly half covered by insurance, according to Aon PLC's latest Global Catastrophe Recap.
Synoptic winds and convective storms caused widespread damage across the Midwest and Northeast from Nov. 15-16 and resulted in estimated total economic losses of more than $575 million, about three-quarters of which were insured.
Severe weather that affected part of the Midwest and Mid-Atlantic from Nov. 10 to 12 resulted in hail and at least eight tornadoes in Illinois, as well as rainfall and flash flooding in North Carolina, Virginia and Maryland. Total economic losses from these severe weather events were projected at nearly $350 million, with insurers covering about 50% of the losses.
Hurricane Eta made landfall in Nicaragua as a Category 4 storm on Nov. 3 and produced incessant rainfall and caused catastrophic wind, flood and storm surge damage across vulnerable regions of Central America. Total economic losses in Central America alone were estimated at nearly $7 billion.
Hurricane Iota became the first Category 5 hurricane of this year's Atlantic season, weakening slightly to a Category 4 storm before making landfall in Nicaragua on Nov. 16. It caused dangerous coastal and inland flooding in addition to high winds across Central America and resulted in total economic losses of more than $1.25 billion.
Multimillion-dollar economic losses are expected to result from severe weather and flooding in Spain and Italy, while total losses from Windstorm Liisa, which swept through Finland on Nov. 18-19 and caused minor impacts in Sweden, will reach into the tens of millions of euros.
Super Typhoon Goni, the strongest storm at landfall in recorded history, hit the Philippines on Nov. 1 and caused economic losses to agriculture and infrastructure of about $415 million, with the overall economic toll expected to reach $1 billion. Total economic losses were estimated to be more than $1 billion in the Philippines alone from Typhoon Vamco, which also struck Vietnam on Nov. 15.
In India, the combined economic losses from Tropical Cyclone Nivar, which made landfall near Puducherry on Nov. 26, approached about $600 million. Most of the losses were uninsured.