Aon Cites Need for Mitigation as Insured Wildfire Losses Top $10B for Second Year

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Total aggregated economic losses for the wildfires that have burned across Northern and Southern California throughout the month are expected to minimally exceed $10 billion, while insurance claims payouts for wildfires are set to exceed $10 billion in the United States for the second year running.

Insurance broker Aon’s Impact Forecasting team issued its global catastrophe report that evaluates the impact of natural disaster events that occurred worldwide during November 2018.

The most disastrous of recent California jungle fires, Camp Fire in Butte County, destroyed the city of Heaven to a great extent and killed dozens of people who had not been killed. The California Department of Forestry and Fire Protection, CalFire, reported that 19,357 homes and other buildings were damaged or destroyed, making Camp Fire the most deadly and most destructive in California. Three people died in Woolsey Fire, which destroyed approximately 2,000 buildings in either fire-fighting or in the districts of Ventura and Los Angeles.

Events in the US may cause insurance companies to revise the risk of forest fire.

. With the annual forest fire industry payments expected to exceed $ 10 billion a year for the second consecutive year in the United States, a standard fire hazard is a secondary danger, tehlik said Steve Bowen, Director of Impact Forecasting. Iyor Insurers are firmly committed to addressing the volume of demand following recent events, but these increased losses once again draw attention to the growing risk of danger worldwide. Increased exposure to known fire locations and the possibility of more air and climate-oriented impacts will require focusing on reduction initiatives. ”

In a separate report, disaster modeling company AIR Worldwide estimates that its industry insured losses from Camp Fire in Northern California will range from $ 6 billion to $ 9 billion, and $ 9 billion is covered by insurances along with the Woolsey fire in Southern California AIR forecasts. $ 13 billion.

The losses from forest fires in California in mid-November could be between $ 9 billion and $ 13 billion, Modeler RMS said.

According to Aon, Wildfires in 2017 caused $ 14 billion in insurance damage.
Meanwhile, Cyclone Gaja opened a place in southern India, causing widespread effects in the states of Tamil Nadu and Kerala. The Cyclone killed 46 people for over 117,500 home damage. The overall economic impact was an increase above 26 billion INR (775 million USD).

Two other important tropical cyclones, both of which in Vietnam, landed in November. Tropical Depression Toraji reached VND396 billion (US $ 17.2 million) at least 19 deaths. A weak Typhoon Usagi brought record rainfall to the larger Ho Chi Minh metro area. The minimum economic loss was recorded as 347 billion VND (USD15 million).

Around the world
Other natural hazard incidents that occur around the world in November include:

Anchorage, a large size-7.0 earthquake in the north of Alaska on November 30-7.0 caused widespread damage to residential and commercial properties in addition to local transport and infrastructure infrastructures. Total economic losses were expected to exceed 100 million dollars.
Parts of Italy and Spain were dealing with complex storm systems and flooding by late November until the end of October. In Italy alone, dozens of people were killed, dozens of people killed, and dozens of people were killed. Economic damage was expected to be higher than € 3.3 billion ($ 3.4 billion). In Spain, a person floods and floods infrastructure and damages severely. The crop damage in the Valencian region alone will range from 70-120 million Euros (80-140 million USD).
Severe thunderstorms affected the central parts of Chile with large hail and heavy rains and caused considerable agricultural damage. Agricultural sector officials predicted that economic losses would approach 200 million USD. The worst affected areas were the O’Miggins and Maule regions.
Severe weather events occurred in the United States and Australia.
Heavy rains were dragged into some parts of the Middle East, leading to floods and dozens of casualties. Damage in Kuwait was only recorded in KWD100 million (3.330 million USD).
Winter storm events caused considerable damage and deterioration in the United States and China.

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