Despite $5.8+ billion of economic losses associated with Typhoon Haiyan at the tail-end of the year, cat losses in 2013—particularly in the US—have been relatively limited.
Data from Aon Benfield’s latest Impact Forecasting report provides a detailed snapshot of economic losses from major catastrophe events worldwide. The US notably escaped any major hurricane or earthquake events in 2013, although it was affected by a number of severe weather events during the year.
Europe experienced the most damaging catastrophe event in 2013, with flooding in central Europe during May and June resulting in upwards of $22 billion of economic losses, according to Aon Benfield. The US’s most significant losses were associated with severe weather that struck the Plains, Midwest and Northeast in May leading to upwards of $3.75 billion in economic losses.
Asia experienced 14 catastrophe losses over $1 billion, with an earthquake in China in April the most costly at $14 billion. While Brazil suffered more than $8 billion worth of economic loss as a result of drought in the first half of the year. Oceania experienced two events over $1 billion in economic losses—a $2.5 billion plus loss following flooding in Queensland and New South Wales in Australia and a $1.6 billion loss in New Zealand due to drought.
Aon Benfield, catastrophe, insurance, reinsurance