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

United States Economy Endures $20+ Billion Loss from August Storms, According to Aon Catastrophe Report

09/11/2020
Hurricane Laura kills at least 33 people; economic damage likely to exceed $10 billion

CHICAGO, Sept. 11, 2020 /PRNewswire/ -- Aon plc (NYSE: AON), a leading global professional services firm providing a broad range of risk, retirement and health solutions, 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 2020.

The report reveals that Hurricane Laura killed at least 33 people after making landfall in Louisiana, United States, on August 27. Laura came ashore at peak intensity after tying the record for the fastest intensification rate in the Gulf of Mexico during a 24-hour period. It also tied as the strongest hurricane to make landfall in Louisiana since 1856. Total economic losses were minimally listed at $10 billion, but likely to be even higher. The portion covered by public and private insurance entities is also expected to result in a notable multi-billion-dollar pay-out.

Hurricane Isaias made landfall near North Carolina, United States, causing notable coastal and inland water and wind damage, and spawned at least 39 tornadoes. More than six million homes and businesses lost power due to the storm, as total economic losses were estimated at $5 billion, of which slightly more than half is expected to be insured.

Globally, nine tropical cyclones made landfall in August, resulting in combined economic costs of near $20 billion.

Meanwhile, a major derecho event in the United States occurred on August 10 that killed at least four people and resulted in extensive Midwest property and agribusiness damage. The derecho occurred as part of a broader synoptic pattern from August 8-12 that was estimated to cause more than $6.5 billion in economic damage. Insurers were expected to cover more than half of the total. At least $5 billion was attributed to the derecho alone.

Record heat, low humidity, and widespread dry lightning spawned nearly 1,000 fires in California during the month, killing at least eight people, destroying thousands of structures, and leading to an insurance pay-out expected to exceed $1 billion. These fires have further persisted into early September.

Steve Bowen, director and meteorologist on the Impact Forecasting team at Aon, said: "North America and Asia endured another impactful month of weather disasters in August. Tropical cyclones, severe convective storms, and wildfires all left numerous financial and humanitarian challenges in their wake as the globe continues to deal with implications stemming from the COVID-19 pandemic. The focus for re/insurers went beyond just tropical cyclone activity, however, as a historic derecho in the United States left a multi-billion-dollar insurance pay-out to property and agribusiness owners, and early season wildfires destroyed thousands of structures across California. Record seasonal monsoon flooding in parts of Asia only further highlighted the significant protection gap that exists in highly vulnerable and exposed areas."

Further natural hazard events that occurred in August include:

  • Seasonal monsoon rains throughout August enhanced ongoing floods in central and northern parts of the greater Yangtze River basin in China, killing 92 people and producing combined seasonal economic losses listed at CNY188 billion ($28 billion), of which CNY41.5 billion ($6 billion) occurred in August alone.
  • Severe thunderstorms impacted Brazil's Santa Catarina State on August 14-15. Economic losses were minimally listed by government officials at BRL87 million ($16 million), though the final damage bill will likely be higher.
  • Heavy seasonal rains in Niger resulted in notable flooding along the River Niger and its tributaries. According to governmental assessments, more than 22,000 structures were damaged or destroyed and there were at least 45 fatalities.
  • Heavy rainfall in the Alpine region and southern Bavaria resulted in increased water levels in parts of Germany and Austria on August 4-5. Economic losses were initially expected to reach into the tens of millions of euros.
  • Heavy rains triggered flooding in the southwestern Arabian Peninsula, notably western Yemen, in early August, resulting in 174 deaths.
  • From August 5-8, a low-pressure system moved through the state of New South Wales, Australia, and resulted in heavy rainfall and strong winds exceeding 120 kph (75 mph). Up to 2,000 structures sustained damage and an extensive area of agricultural land was inundated.

To view the full Impact Forecasting August 2020 Global Catastrophe Recap report, please follow the link:

http://thoughtleadership.aon.com/documents/20201109_analytics-if-august-global-recap.pdf

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:

http://catastropheinsight.aon.com    

About Aon
Aon plc (NYSE: AON) is a leading global professional services firm providing a broad range of risk, retirement and health solutions. Our 50,000 colleagues in 120 countries empower results for clients by using proprietary data and analytics to deliver insights that reduce volatility and improve performance.

Follow Aon on Twitter and LinkedIn 
Stay up to date by visiting the Aon Newsroom and hear from Aon's expert advisors in The One Brief.
Sign up for News Alerts here

Media Contact
Andrew Wragg 
andrew.wragg@aon.com
+44 (0)7595 217168

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/united-states-economy-endures-20-billion-loss-from-august-storms-according-to-aon-catastrophe-report-301128269.html

SOURCE Aon plc

Stock Quote: NYSE

Price 196.36

Change +0.68

Volume 1,217,804

% Change +0.35%

Intraday High 197.87

52 Week High 238.19

Intraday Low 192.19

52 Week Low 143.93

Today's Open 194.34

Previous Close 195.68

Sep 25, 2020 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