Aon Benfield's latest edition of its monthly Global CatastropheRecap report revealed that an outbreak of cold, arctic air andStorm Emma affected many countries during the second half ofFebruary and into early March.
|Related: 5 tips for insurers to navigate winter weatherclaims
|Thousands of flights were canceled or delayed and many differentsectors were forced to close. Local governments reported that atleast 88 fatalities had occurred.
|The total financial cost, including business interruption, wasexpected to minimally reach well into the hundreds of millions(USD) — though very likely to be higher, with a high volume offiled insurance claims reported.
|Across the globe
- A magnitude- 7.5 earthquake struck Papua New Guinea on Feb. 26,killing at least 75 people and injuring more than 500 others.
- Two winter storms led to widespread travel disruption in theU.S.
- South America recorded multiple big flood events in February,with parts of Brazil, Bolivia and Argentina affected. Totaleconomic damage exceeded $200 million (USD) to property,infrastructure and agriculture.
- Cyclone Gita impacted several island nations in the SouthPacific Ocean, causing significant damage in parts of Tonga, Fiji,Samoa, American Samoa, New Caledonia, and New Zealand. Damage toinfrastructure and public structures alone was estimated as beingup to $50 million (USD).
“Nearly every major continent recorded noteworthy natural disasterimpacts during the month of February,” Steve Bowen, ImpactForecasting director and meteorologist, said in a statement, addingthat the latest events around the world highlighted ”the continuedneed to ensure that insurance programs or risk mitigation solutionsare in place to help expedite the short- and long-term recoveryprocesses.”
|Related: Damages from nor'easter may exceed $1B in insuredlosses; new storm approaching
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