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Global economy suffers $53bn natural disaster loss during H1

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Staff Writer | July 20, 2017
Impact Forecasting, Aon Benfield's catastrophe model development team, today launches its Global Catastrophe Recap: First Half of 2017 report for the first six months of the year.
natural disaster
Disasters   Aon catastrophe report
The report reveals that global economic losses from natural disasters for 1H 2017 were estimated at $53 billion – 56 percent lower than the 10-year average of $122 billion and 39 percent lower than the 17-year average of $87 billion.

Meanwhile, insured losses were preliminarily estimated at $22 billion – 35 percent lower than the 10-year average of $34 billion, and 12 percent lower than the 17-year average of $25 billion.

According to the report, the severe convective storm (SCS) peril was the costliest disaster type on an economic basis (nearly $26 billion) during the period under review, comprising 48 percent of the loss total, with the majority of the loss ($23 billion) attributable to events in the United States.

SCS also caused the majority of insurance losses ($17+ billion), comprising 78 percent of the loss total and with nearly $16 billion attributable to widespread hail, damaging straight-line winds, and tornadoes in the U.S.

Aon Benfield is the global reinsurance intermediary and capital advisor of Aon.


 

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