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  • January 2014
01

December storms 'to cost insurers $1.6bn'

Open-access content 8th January 2014

The windstorms that hit Europe in December caused insured losses of $1.6bn, Impact Forecasting said in its latest monthly global catastrophe report

Europe was affected by a series of storms, chiefly Xaver and Dirk, which produced insured losses of $1.1bn and $500m respectively, while economic losses could be at least $2.25bn, the report said.

Scotland, Germany, the Netherlands, Belgium, Scandinavia, and Poland were the most badly hit by Xaver, which followed approximately five weeks after St Jude battered northern Europe.

Damage from windstorm Dirk, which hit the UK on December 23, was greatest in the UK, France, Spain and Poland, with parts of Scandinavia also affected.

Adam Podlaha, head of Impact Forecasting, said: 'The clustered pattern of windstorms seen across western and northern Europe in December has emphasised the importance of being able to capture this phenomenon in catastrophe models.'

Other parts of the world were also affected by bad weather last month. In North America, a broad storm system swept across the entire US killing at least 18 people and resulting in total economic losses in excess of $100m. Impact Forecasting said insured losses in Texas alone were listed at $30m.

Another major winter storm brought heavy snow, freezing rain and ice to the central and eastern US as well as eastern Canada, killing a total of 29 people. 

Meanwhile, one of the strongest winter storms in years impacted the Middle East in December, killing at least 10 people and producing total combined economic losses of around $500m. Israel, Egypt, Syria, Jordan, Lebanon, the Palestinian Territories, and Cyprus were all affected.

Impact Forecasting said parts of southeastern Brazil saw some of the worst flooding in 90 years, killing at least 48 people. The Brazilian government allocated $1.4bn for flood recovery, with the hardest-hit areas including the states of Espiritu Santo and Minas Gerais.

Heavy snow and rain caused total economic losses of $410m in China last month, while seasonal monsoon rains resulted in floods across eastern Malaysia. 

Impact Forecasting is the catastrophe modelling arm of reinsurance firm Aon Benfield.

This article appeared in our January 2014 issue of The Actuary.
Click here to view this issue
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