Investor Relations Disclaimer

You are about to review presentations, reports, filings and/or other materials regarding Aon plc (NYSE: AON) that contain time-sensitive information. The information contained therein is only current as of the date thereof. Aon expressly disclaims any obligation to review, update or correct these materials after the date thereof. Aon may update, amend, supplement or otherwise alter the information contained in any such materials by subsequent presentations, reports, filings, or other means without notice.

Certain statements made on this web site or in materials accessed in or through this section of our web site are “forward-looking statements,” which are subject to risks and uncertainties, and Aon's actual results may differ (possibly materially) from those indicated in such statements. See Legal Notice for further information regarding such statements and additional disclaimers with respect to the materials and sites that you may access through the Investors section of our Web site.

I Understand   |   Return Home

Louisiana floods to cost US economy more than $10bn, according to Aon catastrophe report

09/09/2016

Report reveals that more than 80 percent of affected homeowners had no flood insurance

CHICAGO, Sept. 9, 2016 /PRNewswire/ -- Impact Forecasting, Aon Benfield's catastrophe model development team, today launches the latest edition of its monthly Global Catastrophe Recap report, which evaluates the impact of the natural disaster events that occurred worldwide during August 2016. Aon Benfield is the global reinsurance intermediary and capital advisor of Aon plc (NYSE: AON).

The report reveals that days of extreme rainfall across parts of the United States Gulf Coast and Midwest caused catastrophic flood damage in several communities during the month, killing at least 13 people.

Total economic losses were forecast at USD10-15 billion, while public and private insured losses were expected to be in the low-digit single billions (USD), due to the regionally low participation in the National Flood Insurance Program (NFIP), which has resulted in more than 80 percent of damaged homes not having flood insurance.

Meanwhile, a severe magnitude-6.2 earthquake struck central Italy, killing 296 people and causing catastrophic damage in the hardest-hit towns of Amatrice, Accumoli, Pescara del Tronto, Arquata del Tronto, and Posta.

Total economic damage was estimated to reach into the billions of dollars (USD); however, given very low insurance penetration, the insured loss portion was expected to be a fraction of the overall cost.

Steve Bowen, Impact Forecasting director and meteorologist, said: "August was an active month for global natural disasters, led by two major catastrophes: historic flooding in Louisiana and a major earthquake in central Italy. While both these events were multi-billion dollar disasters, unfortunately, the vast majority of the losses are likely to be uninsured, further exposing the reality that certain perils remain vastly underinsured regardless of region. Indeed, as we enter the final third of 2016, roughly 75 percent of the year's disaster losses have been uninsured."

Further natural disaster events to have occurred during August include:

  • In India, continued flooding brought the death toll for the season to 600 as more than 100,000 homes and other structures were destroyed. Total economic losses were estimated at USD462 million.
  • China, Pakistan, Vietnam, Philippines, Japan, North Korea, South Korea, Sudan, South Sudan, and Macedonia all cited major flood events during the month.
  • Notable earthquake events were reported in Myanmar and Peru.
  • Hurricane Earl made separate landfalls in Belize and Mexico after first tracking through the Caribbean Sea, killing at least 67 people. Total economic losses were estimated at USD250 million, including in Mexico (USD132 million) and Belize (USD110 million).
  • Tropical cyclone impacts Typhoon Nida (Philippines, China, Vietnam), Tropical Storm Dianmu (China, Vietnam), Tropical Storm Mindulle (Japan), and Typhoon Lionrock (Japan, China, Korean Peninsula).
  • Wildfires burning in southern France, mainland Portugal, and on the islands of Madeira (Portugal) and La Palma (Spain) claimed at least five lives. In Portugal alone, the fires charred 115,000 hectares (284,000 acres) of land as total economic damage was listed at EUR200 million (USD226 million).
  • Major California wildfires prompted evacuations and destroyed hundreds of homes. Economic losses were forecast at above USD100 million; the cost to fight the fires was more than USD50 million alone.

To view the full Impact Forecasting August 2016 Global Catastrophe Recap report, please follow the link: 

http://aon.io/2c8h1UX

Along with the report, users can access current and historical natural catastrophe data and event analysis on Impact Forecasting's Catastrophe Insight website, which is updated bi-monthly as new data become available:

www.aonbenfield.com/catastropheinsight

Further information

For further information please contact the Aon Benfield PR team: Andrew Wragg (+44 207 522 8183 / 07595 217168) David Bogg or Alexandra Lewis

Follow Aon on Twitter: https://twitter.com/Aon_plc 
For information on Aon plc. and to sign-up for news alerts: http://aon.mediaroom.com   

Aon plc (http://www.aon.com) is a leading global provider of risk management, insurance brokerage and reinsurance brokerage, and human resources solutions and outsourcing services. Through its more than 72,000 colleagues worldwide, Aon unites to empower results for clients in over 120 countries via innovative risk and people solutions. For further information on our capabilities and to learn how we empower results for clients, please visit: http://aon.mediaroom.com.

Logo - http://photos.prnewswire.com/prnh/20100719/AQ37264LOGO

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/louisiana-floods-to-cost-us-economy-more-than-10bn-according-to-aon-catastrophe-report-300325421.html

SOURCE Aon plc

Stock Quote: NYSE

Price 114.10

Change +0.05

Volume 11,305

% Change +0%

Intraday High 114.32

52 Week High 116.59

Intraday Low 114.10

52 Week Low 83.83

Today's Open 114.32

Previous Close 114.05

Jan 19, 2017 09:30 AM Pricing delayed 20 minutes

Email Alerts

Email Address *
Mailing Lists *





 
Enter the code shown above.

Contact Information

200 East Randolph
Chicago, IL 60601
Phone: (312) 381-3310

Email