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Daily Insurance Industry News
Thursday 18th of January 2018
April 6, 2011

Aon Benfield recaps on March catastrophes

by Gill Montia

Story link: Aon Benfield recaps on March catastrophes

In its latest Monthly Cat Recap report, Aon Benfield reveals that the earthquake and resultant tsunami that struck the northeastern coast of Japan on 11th March has to date claimed more than 12,300 lives and injured nearly 3,000 people.

At least 15,000 people officially remain listed as missing.

More than 830 aftershocks followed the main tremor and at least 203,000 homes and other structures were damaged or destroyed by ground shaking, tsunami waves, fires or liquefaction, according to the National Police Agency of Japan.

The Japanese government estimates total economic losses of $198 billion to $309 billion, while the World Bank estimates insured losses of $14 billion to $33 billion.

Tsunami waves from the Japan earthquake caused a combined $88.4 million in damage to coastal locations of Hawaii and California in the US, with damage also recorded in Peru and Chile.

The report also covers a magnitude 5.4 earthquake in southwest China and a magnitude 6.8 earthquake in Myanmar (previously Burma).

Elsewhere, the US was affected by severe weather events during March, resulting in 20,000 insurance claims in the Southeast and the Mississippi Valley, with payouts exceeding $120 million.

Flooding in southern Thailand left at least 51 people dead and estimated economic damages of up to $330 million, while flood events in Brazil, Indonesia and Namibia led to tens of thousands of homes being destroyed and millions of dollars in total economic damages.

Finally, natural disaster declarations were made in Australia’s New South Wales after more than 800 homes were damaged by floods.

Earlier this week, Aon Benfield reported that despite “a string of meaningful insurance events” 1st April reinsurance renewals show the decline in US and European property catastrophe rates continuing.

Where Japanese renewals took place, the costs of typhoon programmes increased by 5% to 10%, while most earthquake programmes increased within a range of 25% to 50%.

 

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