News Regional11 Jul 2019

Asian economic powerhouses incur heavy Nat CAT losses in June:Report

China and India were struck badly by Nat CAT losses last month, according to the latest edition of Aon's monthly 'Global Catastrophe Recap' report which evaluates the impact of the natural disaster events that occurred worldwide during June 2019. While the seasonal flood toll in China was listed at $6.1bn, nationwide year-to-date drought losses in India increased to approximately $1.75bn.

Since the start of the flood season in China, which goes on from April to July, rainfall and flooding hit the central and southern parts of the country. The hardest-hit provincial regions included Guizhou, Jiangxi, Guangxi, and Guangdong. During the month of June and into July, at least 200 people were declared dead or missing with floods impacting nearly 200,000 homes and other structures. There was also widespread damage to over 430,000 hectares of cropland.

Meanwhile, neighbouring India suffered from continued heat and a lack of rainfall which exacerbated drought conditions further in parts of the country. The state of Maharashtra was one of the hardest-hit areas, where an estimated 60% of orange orchards were destroyed. The potential losses were estimated from $720m to $1bn.

Outside Asia, there was an outbreak of severe weather between 10-12 June generating large hail, strong gusts and intense rainfall in multiple countries of Central Europe. According to the Aon report, Europe-wide economic costs were expected to exceed $1.1bn while insurers anticipated claims of at least $830m.

During the month of June, the US was also heavily impacted by 10 separate instances of severe weather and flooding with a majority of damage attributed to straight-line winds. Even though total combined monthly economic losses could exceed $1bn, insurers are expected to cover a majority of the hail- and wind-related impacts.

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