Europe impacted by severe cold weather, Aon reports

Aon Benfield's latest edition of its monthly Global Catastrophe Recap report revealed that an outbreak of cold, arctic air and Storm Emma affected many countries during the second half of February and into early March.

Related: 5 tips for insurers to navigate winter weather claims

Thousands of flights were canceled or delayed and many different sectors were forced to close. Local governments reported that at least 88 fatalities had occurred.

The total financial cost, including business interruption, was expected to minimally reach well into the hundreds of millions (USD) — though very likely to be higher, with a high volume of filed 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 the U.S.
• South America recorded multiple big flood events in February, with parts of Brazil, Bolivia and Argentina affected. Total economic damage exceeded $200 million (USD) to property, infrastructure and agriculture.
•  Cyclone Gita impacted several island nations in the South Pacific Ocean, causing significant damage in parts of Tonga, Fiji, Samoa, American Samoa, New Caledonia, and New Zealand. Damage to infrastructure and public structures alone was estimated as being up to $50 million (USD).

“Nearly every major continent recorded noteworthy natural disaster impacts during the month of February,” Steve Bowen, Impact Forecasting director and meteorologist, said in a statement, adding that the latest events around the world highlighted ”the continued need to ensure that insurance programs or risk mitigation solutions are in place to help expedite the short- and long-term recovery processes.”

Related: Damages from nor'easter may exceed $1B in insured losses; new storm approaching