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Impact Forecasting: H1 nat cat losses hit 5-year high

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Impact Forecasting: H1 nat cat losses hit 5-year high

Natural disasters caused global economic losses of $98billion and global insured losses of $30 billion during the of 2016, making it the costliestfirst half since 2011, according to Aon Benfield's Impact Forecasting.

The figures were below the rolling 10-year average of $112billion and $31 billion, respectively, although marginally above the averagesdating back to 2000 of $84 billion and $24 billion. The insured proportion ofeconomic losses was 30%, slightly above the 10-year average of 28%, with theU.S. accounting for47% of global insurance losses.

Earthquakes were the costliest disaster category in terms ofeconomic losses in the first half of 2016, with two temblors in Japan duringApril accounting for most of the $34 billion figure. Severe convective stormsgenerated the highest insured losses at $12.3 billion, primarily stemming frommajor thunderstorms in the U.S.

There were at least six billion-dollar global insured lossevents during the first half and at least 22 separate billion-dollar economicloss events. Multibillion-dollar economic loss events included the Japanearthquakes, which generated a $30 billion loss; flooding in China and inNorthern Europe; and the Fort McMurray wildfire in Canada.

Aon Benfield is part of Aon Plc.