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Global economy suffers $53bn natural disaster loss during H1

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Staff Writer |
natural disaster
Disasters   Aon catastrophe report

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.

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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