Aon Benfield insurance news report on natural disasters shows massive losses in Italy

Italy Earthquake

Italy Earthquake

There was an estimated $6 billion in economic loss from the Italian quakes.

Worldwide reinsurance intermediary, Aon Benfield, the Aon plc capital adviser, has released the most recent edition of its Global Catastrophe Recap report, which looked into the latest insurance news regarding natural disasters that occurred in May 2012.

The report was published by Impact Forecasting and detailed the impact of the earthquakes in Italy.

The catastrophe model development center of excellence for the firm, published the results which showed that the nine days in which there were two earthquakes, as well as the aftershocks that followed, in the north part of Italy, there were 25 people killed, over 400 people injured, and there was massive destruction throughout the area. The Emilia-Romagna region saw devastating damage to their cultural heritage, and much of the personal property and local businesses was destroyed.

The combined total of the economic loss due to those natural disasters has been estimated at $6.25 billion, and the damage was experienced through several provinces, including Farrara, Mantua, Modena, Reggio Emilia, and Rovigo.

The Impact Forecasting president, Steve Jakubowski, said that “The Italian earthquakes resulted in the largest natural disaster loss for the country since the L’Aquila earthquake event in 2009. The seismic activity was not unexpected, as Italy has long been recognized as a region exposed to the possibility of significant earthquake activity.”

Similarly, the report also looked into the tremendous rainy periods in Asia, which had a significant impact on China, where at least 102 people have been killed in at least 22 of the country’s provinces.

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Data from the Ministry of Civil Affairs (MCA) in China, has indicated that there has been damage or destruction to at least 143,000 homes, and that 2.34 million acres of farmland was affected by the rains. The estimated economic loss from those natural disasters is $2.68 billion.

Equally, Japan underwent strong thunderstorms that brought about tornadoes and high winds that lead to the deaths of at least three people, injuring at least 59 others. Over 1,845 buildings located within six prefectures were damaged.

The natural disasters in North America were also examined within the document’s insurance news.

 

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