Flooding and inland storms led to multi-billion-dollar economic loss in western and southern Europe during November, according to Aon’s monthly Global Catastrophe Recap report, with flooding in France, Italy and England resulting in losses estimated in excess of $1 billion.
Italy suffered the majority of losses, following cyclonic weather that resulted in significant flooding and severe weather. Venice was flooded on November 12 by the second highest tide on record since 1923.
There was also flooding and severe weather from November 11-19 across Italy and parts of Austria. Total aggregated economic losses, including the effects of tidal flooding in Venice, were tentatively estimated at €1.7 billion. Insurers in Austria alone cited losses reaching well into the tens of millions of euros.
Cyclone Matmo made landfall near the India-Bangladesh border on November 9, killing at least 39 people and causing damage estimated to be more than $3.3 billion. In the US winter storms killed at least 19 people, with insured losses expected to come in above $100 million, while a storm in Canada in early November caused economic losses estimated at up to $275 million.
Extreme weather also led to deaths and destroyed homes in Colombia, while one of the strongest earthquakes on record struck Albania on November 26, causing severe damage and 51 fatalities. Meanwhile drought conditions worsened across South Africa with more than 150,000 farms suffering losses in excess of $135 million.
Michal Lorinc, catastrophe analyst within Aon’s impact forecasting team, said despite a costly month for losses, “European insurers have generally endured manageable losses thus far in 2019.”
Excessive rain has also led to losses in East Africa, said Lorinc. “The issue of financial maturity remains an important topic in different parts of the world,” he said. “The insurance industry is expected to play an even more integral role in helping to introduce sustainable and tailored products and solutions to further promote resilience and preparedness.”
The Insurance Council of Australia declared two crisis events following bushfires and hail storms. As of November 22, at least 1,525 claims had been filed due to the fires, with insured losses of $112 million. Nearly 16,000 claims were reported due to the hailstorm in Queensland, with losses estimated at $82 million, and overall economic costs even higher.
Aon’s report evaluates the impact of the natural disaster events that occurred worldwide during November 2019.