Skip to main content
The Actuary: The magazine of the Institute and Faculty of Actuaries - return to the homepage Logo of The Actuary website
  • Search
  • Visit The Actuary Magazine on Facebook
  • Visit The Actuary Magazine on LinkedIn
  • Visit @TheActuaryMag on Twitter
Visit the website of the Institute and Faculty of Actuaries Logo of the Institute and Faculty of Actuaries

Main navigation

  • News
  • Features
    • General Features
    • Interviews
    • Students
    • Opinion
  • Topics
  • Knowledge
    • Business Skills
    • Careers
    • Events
    • Predictions by The Actuary
    • Whitepapers
    • Moody's - Climate Risk Insurers series
    • Webinars
    • Podcasts
  • Jobs
  • IFoA
    • CEO Comment
    • IFoA News
    • People & Social News
    • President Comment
  • Archive
Quick links:
  • Home
  • The Actuary Issues
  • May 2014
05

April storms and floods cost insurers $650m, Aon finds

Open-access content Thursday 8th May 2014 — updated 8.21am, Tuesday 5th May 2020

Severe weather and flash flooding that hit the US in April caused insured losses of $650m, a global catastrophe report has found.

In its latest monthly report, Impact Forecasting - the catastrophe modelling arm of reinsurance firm Aon Benfield - said economic losses could be as much as $1bn following around 70 confirmed tornado 'touch-downs', which occurred across more than 20 states in the US. At least 39 people were killed and 250 injured, reported the firm.

Aon said the most significant damage was attributed to hail, as hailstones the size of softballs struck Denton, a city in the Texas metro region.

Adam Podlaha, head of Impact Forecasting, said: 'The recent outbreaks of tornadoes, large hails and damaging straight-line winds in the United States have emphasised the importance of historical data analysis for insurers and reinsurers when trying to forecast future losses.'

Elsewhere, four separate stretches of severe thunderstorms and heavy rainfall affected China. The event killed nine people and damaged over 40,000 homes bumping up estimated economic losses to CNY6.2bn ($1bn).

Meanwhile, cyclone Ita made landfall in Australia's northern Queensland, bringing high winds and heavy rains to mainly rural regions with a low levels of structural exposure. According to Aon, the Insurance Council of Australia reported 680 claims with payouts estimated at AUD8.4m ($7.9m). Total economic losses were estimated at up to AUD1.1bn ($1bn). At least 23 people were killed and a state of emergency was declared after the rain caused the Matanikau River to burst its banks, affecting more than 50,000 residents.

A powerful magnitude-8.2 earthquake struck off the northern coast of Chile, causing damage and spawning a small tsunami. Seven people were killed and 13,000 homes were damaged. Total economic losses were expected to be less than CLP55bn ($100m).

Additional earthquake events occurred in Nicaragua, Mexico and China.

Torrential rains fell across northern Afghanistan, leading to extensive flash flooding and landslides in 10 provinces. An estimated 2,665 people were killed, including 2,500 in a massive landslide in Badakhshan provinces.

Heavy rains and a melting snowpack led to flooding in parts of Romania, Serbia and Bulgaria, killing at least four people.

A large wildfire impacted multiple neighbourhoods in the Chilean city of Valparaiso, killing at least 15 people. 

This article appeared in our May 2014 issue of The Actuary.
Click here to view this issue
Filed in
05
Topics
Reinsurance

You might also like...

Share
  • Twitter
  • Facebook
  • Linked in
  • Mail
  • Print

Latest Jobs

Life Actuarial Trainee

England
Up to £55000.00 per annum
Reference
145815

Catastrophe Manager - Top Performing Syndicate

England, London
£70000 - £94000 per annum
Reference
145814

Senior Pricing Analyst

London, England
£40000 - £80000 per annum
Reference
145813
See all jobs »
 
 

Today's top reads

 
 

Sign up to our newsletter

News, jobs and updates

Sign up

Subscribe to The Actuary

Receive the print edition straight to your door

Subscribe
Spread-iPad-slantB-june.png

Topics

  • Data Science
  • Investment
  • Risk & ERM
  • Pensions
  • Environment
  • Soft skills
  • General Insurance
  • Regulation Standards
  • Health care
  • Technology
  • Reinsurance
  • Global
  • Life insurance
​
FOLLOW US
The Actuary on LinkedIn
@TheActuaryMag on Twitter
Facebook: The Actuary Magazine
CONTACT US
The Actuary
Tel: (+44) 020 7880 6200
​

IFoA

About IFoA
Become an actuary
IFoA Events
About membership

Information

Privacy Policy
Terms & Conditions
Cookie Policy
Think Green

Get in touch

Contact us
Advertise with us
Subscribe to The Actuary Magazine
Contribute

The Actuary Jobs

Actuarial job search
Pensions jobs
General insurance jobs
Solvency II jobs

© 2023 The Actuary. The Actuary is published on behalf of the Institute and Faculty of Actuaries by Redactive Publishing Limited. All rights reserved. Reproduction of any part is not allowed without written permission.

Redactive Media Group Ltd, 71-75 Shelton Street, London WC2H 9JQ