Disasters in October trigger billions in losses – Enterprise Insurance
World catastrophe losses will hit billions of dollars in October, according to a report by Aon PLC on Friday.
The US was hit by a series of storms last month, several of which resulted in economic losses of hundreds of millions of dollars.
Much of the expected $ 300 million or more damage from a severe weather outbreak in the southern plains and the Midwest October 10-11 was covered by public and private insurers, Aon said. The storms brought noxious winds, tornadoes and large hailstones.
On the west coast, the total economic and insured damage from October 24-27 from a strong Pacific storm system in mid-latitudes in parts of California, Oregon and Washington is expected to "run into the hundreds of millions." Central and Northern California have been badly hit by heavy rains, winds, fallen trees and flooding, which caused widespread damage to property and infrastructure, the report said.
Flash flood economic losses in the lower Mississippi Valley and the southeast from October 4-7 were estimated at $ 325 million, most of which was uninsured, according to Aon.
Insurers across Europe expect tens of thousands of losses from Storm Aurore, also known as Hendrik, which hit northern France, central Germany, western Czech Republic and parts of Poland hundreds of millions of euros from October 20-21.
Meanwhile, the Insurance Council of Australia declared an insurance catastrophe for thunderstorms in South Australia, Victoria and Tasmania in late October with total economic and insured damage estimated at more than $ 100 million.
Brian Kerschner, senior disaster analyst with Aon's Impact Forecasting team, said October can be a "second season" for severe weather in the United States as it marks the transition from summer warmth to cooler fall temperatures.