Flooding across Central Europe in May and June tops the list ofcostliest natural insured-loss events in a relatively mild firstsix months of 2013, according to Aon Benfield's ImpactForecasting.
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Global insured losses for 2013's first half were $20billion, Impact Forecasting says, down 20 percent from the 10-yearJanuary-June average (2003-2012) of $25 billion.
The flooding in Europe is expected to cost insurers at least$5.3 billion, mostly attributable to damage in Germany, says ImpactForecasting.
|The firm says there were six other billion-dollar insured lossevents in 2013's first half, with four occurring in the U.S. “Thecostliest singular U.S. event, at $2.5 billion, resulted from astretch of severe weather (May 18-22) that was highlighted by anEF-5 tornado in Moore, Oklahoma that damaged or destroyed as manyas 13,000 homes and other structures,” Impact Forecasting says.
|Additional billion-dollar flood events were registered in Canadaand Australia.
|Impact Forecasting says roughly 50 percent of the insured lossesduring the first half of the year occurred in the U.S., down from83 percent in 2012's first half, but above the 35 percent in 2011.That year, Asia-Pacific losses dominated the first half, includingthe March earthquake and tsunami in Japan, floods in Australia, andan earthquake in New Zealand.
|“The first-half percentage of global economic losses in 2013that were covered by insurance was roughly 24 percent, which isslightly below the longer term 10-year average of 28 percent,” saysImpact Forecasting. “The larger disparity between the economic andinsured loss is indicative of multiple significant catastropheevents occurring in areas where insurance penetration or specificperil coverage remains low.”
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