Japan to suffer minimum $10bn economic loss from Typhoon Hagibis, according to Aon catastrophe report

SINGAPORE
-�Media OutReach - 6 December 2019 - Aon plc
(NYSE:AON), a leading global professional services firm providing a broad range
of risk, retirement and health solutions, launches Global Catastrophe Recap
report, which evaluates the impact of the natural disaster events that occurred
worldwide during October 2019.

 

The
report reveals that Typhoon Hagibis made landfall in Japan’s Iza Peninsula on
October 12 before later sweeping through the greater Tokyo metro region. At
least 95 people were killed, and more than 93,250 structures damaged or
destroyed. Total economic losses were expected to exceed USD10 billion, with
insured losses minimally in the billions (USD).

 

In the United States, extreme wildfire
conditions marked by the seasonal return of Diablo and Santa Ana winds led to
numerous fire ignitions across California from October 10-17. At least three
people were killed and nearly a dozen others were injured. The most destructive
fires included the Saddle Ridge Fire (Los Angeles County) and Sandalwood Fire
(Riverside County). Total economic damage was expected to exceed USD100
million, with most of the losses covered by insurance.

 

Further extremely critical wildfire
conditions resulted in numerous ignitions across Northern and Southern
California from October 23 into early November. The most significant fires included
the Kincade Fire (Sonoma County); Tick Fire (Los Angeles County); Getty Fire
(Los Angeles County); Hillside Fire (San Bernardino County); Maria Fire
(Ventura County), and the Easy Fire (Ventura County). The Kincade blaze
prompted the largest evacuation on record in Sonoma County, and a statewide
state of emergency was declared. Total economic and insured losses were
expected to reach into the hundreds of millions (USD).

 

Meanwhile, a severe weather outbreak
spawned nearly 30 tornado touchdowns, damaging winds, and large hail across the
U.S. Plains and Southeast on October 20-21, killing at least four people. Most
impacts were recorded in Texas, where a confirmed EF3 tornado with up to 140
mph (220 kph) winds struck several neighborhoods in North Dallas. Further
tornado and storm-related impacts were cited in parts of Arkansas, Oklahoma,
Missouri, Louisiana, and Tennessee. Economic and insured losses were likely to
reach into the hundreds of millions of dollars, if not higher.

 

Steve
Bowen, Director and Meteorologist within Aon’s Impact Forecasting team, said:
“Vulnerabilities around tropical cyclones, flooding, and wildfires were again
exposed during October. Events such as Typhoon Hagibis in Japan and wildfires
in California served as a reminder of the repetitive, or clustering, nature of
certain perils on a year-to-year basis that can often be hard to predict. With
ample exposure located in high-risk locations all around the world, it becomes
increasingly important to utilize the latest tools available to better prepare
for future weather and climate-related scenarios in both mature and developing
markets.”

 

Other
natural hazard events to have occurred in October include:

• Hurricane Lorenzo, the easternmost Category 5 Atlantic Hurricane on
  record, affected the Azores on October 2 as a Category 1 storm. The Portuguese
  government estimated damage costs at EUR330 million (USD367 million), primarily
  attributed to port infrastructure.
• Parts of Western, Central and Eastern Africa were affected by
  seasonal flooding throughout October. The events resulted in significant
  humanitarian impacts and hundreds of thousands affected. The combined death
  toll from October flooding was minimally listed at 208.
• A weakened Typhoon Mitag made landfall in eastern China’s Zhejiang
  Province (Zhoushan City) on October 1 as a tropical storm, and a second
  landfall in South Korea on October 2. Heavy rains led to flooding and
  landslides in South Korea, where at least 14 people were confirmed dead or
  missing and more than 1,000 properties were inundated. In Zhoushan, China, the
  storm caused three fatalities. Total economic losses amounted to at least
  USD816 million, including USD553 million in South Korea and USD263 million in
  China.
• An active bushfire season in September and October saw numerous
  fires burn across parts of Queensland and New South Wales as much of Eastern
  Australia continued to deal with severe drought conditions. The fires destroyed
  dozens of structures and the Insurance Council of Australia declared separate
  insurance catastrophe events in each state. Total economic and insured losses
  from the bushfires were expected into the tens of millions (USD).

To
view the full Impact Forecasting October 2019 Global Catastrophe Recap report,
please follow the link: http://catastropheinsight.aon.com

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.

About Aon

Aon plc (NYSE: AON) 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. For further infor­mation on our capabilities and
to learn how we empower results for clients, please visit: http://aon.com/ and https://apac.aonhewitt.com