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

January winter weather causes $4bn loss to global economy, according to Aon catastrophe report

02/09/2016

U.S. faces potential $2bn economic loss from major winter storm

CHICAGO, Feb. 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 January 2016. Aon Benfield is the global reinsurance intermediary and capital advisor of Aon plc (NYSE:AON).

The report reveals that a powerful winter storm brought prodigious snowfall, high winds, coastal flooding, freezing rain, ice, sleet, and severe thunderstorms to the Eastern United States during the second half of January, killing 58 people and injuring dozens of others.

States of emergency were declared in 11 states and Washington, D.C. as the event was rated the fourth-largest winter storm in the Northeast and Mid-Atlantic since the 1950s by the National Oceanic and Atmospheric Administration (NOAA).

Total economic losses were tentatively estimated to exceed USD2.0 billion, while insured losses both from private and public entities were projected to reach well into the hundreds of millions.

Meanwhile, a prolonged period of Arctic cold and snowfall covered much of East Asia causing significant damage and impacting travel. At least 116 people were killed across Taiwan, Thailand, Japan, South Korea, and China.

Total combined economic losses from the event were cited at nearly USD2.0 billion, with China incurring CNY10.6 billion (USD1.6 billion) of the total cost.

Adam Podlaha, Head of Impact Forecasting, said: "Winter in the Northern Hemisphere was on full display to begin 2016, with several winter storm events impacting parts of the United States, Asia and Europe. Despite winter weather historically not being one of the costliest perils when compared to tropical cyclones or flooding, these winter events can still pose billion-dollar costs to the global economy. The peril continues to be of interest to the insurance industry as claims resulting from heavy snow or ice often quickly accumulate."

Further natural hazard events to have occurred during January 2016 include:

  • Windstorm Marita, also known locally as Gertrude, which impacted areas of the United Kingdom, Ireland and Scandinavia, resulting in total economic and insured losses expected to exceed USD100 million.
  • A series of Pacific storm systems fueled by El Niño, which brought heavy rainfall, snow and isolated severe weather to portions of California in early January. Total economic losses were estimated to exceed USD125 million; while public and private insurers listed payouts in excess of USD65 million.
  • Heavy rains, which impacted parts of Brazil and Ecuador, killing at least 12 people and destroying more than 15,000 homes. Total combined economic losses were in excess of USD110 million.
  • A magnitude-6.7 earthquake, which struck northeast India on January 3, killing at least 22 people and injuring around 300 others. Total economic losses were beyond INR5.0 billion (USD75 million).
  • The Waroona Fire in Western Australia, which killed at least two people and destroyed 180 structures in the hardest-hit communities of Yarloop, Waroona, Hamel, and Cookenup. The Insurance Council of Australia declared cited insured losses minimally at AUD57 million (USD42 million).
  • Drought conditions in South Africa, which caused agricultural damage of around ZAR4.0 billion (USD250 million).

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

http://aon.io/1SEBJgo

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 69,000 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/january-winter-weather-causes-4bn-loss-to-global-economy-according-to-aon-catastrophe-report-300217418.html

SOURCE Aon plc

Stock Quote: NYSE

Price 282.78

Change -1.54

Volume 813,696

% Change -0.54%

Intraday High 284.49

52 Week High 341.98

Intraday Low 280.05

52 Week Low 246.21

Today's Open 281.78

Previous Close 284.32

Oct 05, 2022 04:03 PM Pricing delayed 20 minutes
Latest Annual Report

Email Alerts

Email Address *
Mailing Lists *





 
Enter the code shown above.

Contact Information

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

Email