The lack of national disaster insurance, last month, cost the global economy $15bn, according to a report published today
The Impact forecasting report issued by Aon Benfield reviewed the natural disaster perils that occurred throughout the world during September.
The reinsurance firm estimated that tropical cyclone landfalls in Mexico and Asia caused more than $10bn in economic losses. Meanwhile, major flooding destroyed 20,000 homes in Colorado, which amounted to $2bn in losses. Flood events during the month were also recorded in Romania, Ukraine, Mexico, Bolivia, and the Solomon Islands.
Steve Jakubowski, president of Impact Forecasting, said: 'As our September catastrophe recap report highlights, tropical cyclone and flood events can simultaneously affect many countries around the world.'
'Due to varying degrees of insurance penetration, a large strain is placed on governments in certain regions to provide sufficient disaster relief funding and resources.'
Elsewhere, two powerful earthquakes in Pakistan killed around 825 people. Total economic losses were estimated at $100m.
The report also noted that the prolonged winter weather throughout the second half of September led to extensive agricultural damage in central Chile. A state of emergency was declared after farmers reported that frigid air had destroyed their fruit crops. Losses were estimated at $1.15bn.
Meanwhile, severe weather swept across New Zealand, prompting hurricane-force winds and flooding rains on both the North and South islands. Local insurers anticipated payouts to exceed $12.5m.
Jakubowski said: 'Impact forecasting continues to expand its modelling suite in order that insurers and reinsurers in most global territories are able to quantify and qualify their potential exposures.'