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Aon: Economic losses from severe rainfall in China topped $10B in July

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Aon: Economic losses from severe rainfall in China topped $10B in July

Economic flood damage surpassed $10 billion in July in China, with further losses in other parts of Asia, according to the latest global catastrophe report from Aon Benfield's Impact Forecasting.

China's Yangtze River Basin saw the greatest share of the losses, with severe rainfall causing flooding throughout the central and eastern parts of the country. Japan also saw heavy flooding, with total economic losses near $1 billion, according to the report. Monsoon rains left major damage to structures, agriculture and infrastructure in parts of Bangladesh, India, Pakistan and Thailand.

In the U.S., large hail, winds, isolated tornadoes and flash floods caused damage and casualties in the Midwest, Plains, Southeast, Mid-Atlantic and Southwest states. Total combined economic and insured losses were estimated in the hundreds of millions of dollars.

In Europe, flash flooding in northern Switzerland drove claims payouts of nearly $90 million, while Turkey also witnessed considerable damages from separate events of powerful thunderstorms.

Italy estimated that a prolonged drought has cost $2.3 billion in economic losses, with the production of many crops, including vines and olives, affected by dry conditions throughout the first half of the year.