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Report: Economic losses from drought in Northern Europe to top $4B

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Report: Economic losses from drought in Northern Europe to top $4B

Preliminary aggregated estimates of economic losses surpass multiple billions of dollars as extended periods of below-average rainfall and above-average temperatures in several regions led to worsening drought-related and wildfire conditions in July, according to the latest Global Catastrophe Recap of Aon Benfield's Impact Forecasting.

Drought in Northern Europe due to long-term rainfall deficit could result in losses beyond $4 billion. German farmers alone could face economic losses of $2.9 billion.

The total economic cost from the California wildfire that ignited outside of Redding in the month of July could approach and exceed $1 billion. Insurers were also expected to pay claims nearing the billion-dollar mark.

In Sweden, damage from a wildfire outbreak is expected to exceed $100 million.

Rainfall in Japan in early July prompted significant flash flooding and mudslides, leaving at least 230 people dead or missing. The General Insurance Association of Japan cited that 48,000 claims had already been paid, with the preliminary payout valued at $711 million.

China experienced seasonal flooding that prompted aggregated economic losses nearing $1 billion.

Along with Vietnam and Japan, China also suffered damages from multiple typhoons in the Western Pacific Ocean Basin. The costliest was Typhoon Maria, which caused nearly $500 million in economic damage in China.

Several outbreaks of severe weather led to widespread damage across parts of the U.S., Canada, France, Germany, Italy and China during the month.

Aon Benfield is part of Aon PLC.