Click here to close now.

SYS-CON MEDIA Authors: Pat Romanski, Carmen Gonzalez, Liz McMillan, Blue Box Blog, Lori MacVittie

News Feed Item

Rammasun becomes costliest weather event of 2014 after causing $6.5bn Asia loss, according to Impact Forecasting catastrophe report

CHICAGO, Aug. 6, 2014 /PRNewswire/ -- Impact Forecasting, the catastrophe model development center of excellence at Aon Benfield, today releases the latest edition of its monthly Global Catastrophe Recap report, which reviews the natural disaster perils that occurred worldwide during July 2014. Aon Benfield is the global reinsurance intermediary and capital advisor of Aon plc (NYSE:AON).

http://www.aon.com) is a leading provider of risk management services, insurance and reinsurance brokerage, human capital and management consulting, and specialty insurance underwriting. There are 37,000 employees working in Aon's 500 offices in more than 120 countries. Backed by broad resources, industry knowledge and technical expertise, Aon professionals help a wide range of clients develop effective risk management and workforce productivity solutions" border="0" alt="Aon Corporation (http://www.aon.com) is a leading provider of risk management services, insurance and reinsurance brokerage, human capital and management consulting, and specialty insurance underwriting. There are 37,000 employees working in Aon's 500 offices in more than 120 countries. Backed by broad resources, industry knowledge and technical expertise, Aon professionals help a wide range of clients develop effective risk management and workforce productivity solutions" align="middle" src="http://photos.prnewswire.com/prnvar/20100719/AQ37264LOGO"/>

The report reveals that Super Typhoon Rammasun made separate landfalls in the Philippines and China, causing widespread damage and killing at least 206 people and injuring hundreds more. In the Philippines, total economic damages across the agriculture and infrastructure sectors were listed at PHP10.8 billion (USD250 million), while in China, the Ministry of Civil Affairs (MCA) noted that 272,000 homes had been damaged amid total economic losses listed at CNY38.5 billion (USD6.25 billion).

Additional flood and wind damage from the super typhoon was reported in Vietnam, leading to total economic losses of VND125 billion (USD6.2 million). As at July 31, Rammasun's overall economic damage total of USD6.5 billion had made it the costliest weather event of 2014.

Meanwhile, Typhoon Matmo made separate landfalls in Taiwan and China after first passing by the Philippines, resulting in at least 15 fatalities. In Taiwan, economic losses from the typhoon totaled TWD595 million (USD20 million), while in China total economic losses were listed at CNY3.4 billion (USD550 million).

Torrential monsoon rains brought significant flooding across southern China throughout July, leaving 102 people dead or missing. China's Ministry of Civil Affairs (MCA) noted that a combined 90,000 homes were damaged by the floods, with total economic losses listed at nearly CNY11 billion (USD1.8 billion).

Flooding was also prevalent in parts of Europe during the latter half of the month, with three fatalities reported as thunderstorms and flooding rains impacted Bulgaria, Romania, the Netherlands, the UK, Switzerland, Slovakia, and Croatia. Overall economic losses across the continent were expected to exceed EUR100 million (USD135 million), and preliminary insured losses were listed at nearly EUR15 million (USD20 million).

Adam Podlaha, Head of Impact Forecasting, said: "Flood is consistently one of the most costly natural perils for insurers, reinsurers and economies worldwide, with three of the past five years experiencing global economic losses from flood that were far higher than the 10-year average of USD47bn. Impact Forecasting has built numerous flood models to quantify clients' regional exposures to flood risk, with a particular on central and eastern Europe, the U.S. and more recently Asia. An updated version of our U.S. river flood model, which has been well-received by insurers and reinsurers as well as organizations with U.S. infrastructures, will be released in the third quarter this year. Existing and new users of the model will benefit from being able to track the impact of flood risk on their businesses using the latest data and insights."

Elsewhere, two stretches of severe weather impacted central and eastern sections of the United States during July. The most damaging event stretched from the Rockies to the Northeast and resulted in total economic losses estimated at USD350 million and insurance losses in excess of USD225 million.

A magnitude-6.9 earthquake struck Mexico's Chiapas state, near the border of Guatemala, killing nine people, and causing total economic damages in excess of USD25 million.

Drought conditions worsened in northern China as economic losses reached CNY8.7 billion (USD1.4 billion).

Washington's Carlton Complex Fire became the largest wildfire in state history, killing one person and destroying at least 300 homes.

To view the full Impact Forecasting July 2014 Global Catastrophe Recap report, please follow the link below:

http://bit.ly/1y2fqSE 

To access the Catastrophe Insight website, please visit:

www.aonbenfield.com/catastropheinsight  

About Aon Benfield

Aon Benfield, a division of Aon plc (NYSE: AON), is the world's leading reinsurance intermediary and full-service capital advisor. We empower our clients to better understand, manage and transfer risk through innovative solutions and personalized access to all forms of global reinsurance capital across treaty, facultative and capital markets. As a trusted advocate, we deliver local reach to the world's markets, an unparalleled investment in innovative analytics, including catastrophe management, actuarial and rating agency advisory. Through our professionals' expertise and experience, we advise clients in making optimal capital choices that will empower results and improve operational effectiveness for their business. With more than 80 offices in 50 countries, our worldwide client base has access to the broadest portfolio of integrated capital solutions and services. To learn how Aon Benfield helps empower results, please visit aonbenfield.com.

About Impact Forecasting® LLC

Impact Forecasting is a catastrophe modeling center of excellence whose seismologists, meteorologists, engineers, mathematicians, finance risk management and insurance professionals analyze the financial implications of natural and man-made catastrophes around the world.  Impact Forecasting's experts develop software tools and models that help clients understand risks from hurricanes, tornadoes, earthquakes, wildfires and terrorist attacks on property, casualty and crop insurers and reinsurers.  To find out more about Impact Forecasting® LLC, visit www.impactforecasting.com.

Media Contacts:



David Bogg

Andrew Wragg

Alexandra Lewis

Aon Benfield

 Aon Benfield 

Aon Benfield

t: +44 (0)20 7522 4016

t: +44 (0)20 7522 8183

t: +44 (0)20 7882 0541

e:[email protected] 

e:[email protected]

e:[email protected]

Logo - http://photos.prnewswire.com/prnh/20100719/AQ37264LOGO

SOURCE Aon Benfield

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
Many of the well-known examples of DevOps success we read in blogs on the Internet paint an idyllic picture of DevOps productivity. A team was facing a stodgy, slow-moving operations department, teams weren’t delivering software on time. Those teams moved to DevOps, became proactive about infrastructure and deployment automation, and an overnight transition to productivity ensues. People are promoted, projects are successful, and developers and system administrators dance hand-in-hand in a final...
SYS-CON Events announced today that Secure Infrastructure & Services will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY, and the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Secure Infrastructure & Services (SIAS) is a managed services provider of cloud computing solutions for the IBM Power Systems market. The company...
Enterprise IoT is an exciting and chaotic space with a lot of potential to transform how the enterprise resources are managed. In his session at @ThingsExpo, Hari Srinivasan, Sr Product Manager at Cisco, will describe the challenges in enabling mass adoption of IoT, and share perspectives and insights on architectures/standards/protocols that are necessary to build a healthy ecosystem and lay the foundation to for a wide variety of exciting IoT use cases in the years to come.
SYS-CON Events announced today that CenturyLink, Inc., a leader in the network services market, has been named “Platinum Sponsor” of SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. CenturyLink is the third largest telecommunications company in the United States and is recognized as a leader in the network services market by technology industry analyst firms. The company is a global leader in cloud infrastructure and ...
Docker is becoming very popular--we are seeing every major private and public cloud vendor racing to adopt it. It promises portability and interoperability, and is quickly becoming the currency of the Cloud. In his session at DevOps Summit, Bart Copeland, CEO of ActiveState, discussed why Docker is so important to the future of the cloud, but will also take a step back and show that Docker is actually only one piece of the puzzle. Copeland will outline the bigger picture of where Docker fits a...
SYS-CON Events announced today the DevOps Foundation Certification Course, being held June ?, 2015, in conjunction with DevOps Summit and 16th Cloud Expo at the Javits Center in New York City, NY. This sixteen (16) hour course provides an introduction to DevOps – the cultural and professional movement that stresses communication, collaboration, integration and automation in order to improve the flow of work between software developers and IT operations professionals. Improved workflows will res...
As cloud gives an opportunity to businesses to buy services externally – how is cloud impacting your customers? In his General Session at 15th Cloud Expo, Fabio Gori, Director of Worldwide Cloud Marketing at Cisco, provided answers to big questions: Do you see hybrid cloud as where the world is going? What benefits does it bring? And how does Cisco connect all of these clouds? He also discussed Intercloud and Cisco’s investment on it.
SYS-CON Events announced today that B2Cloud, a provider of enterprise resource planning software, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. B2cloud develops the software you need. They have the ideal tools to help you work with your clients. B2Cloud’s main solutions include AGIS – ERP, CLOHC, AGIS – Invoice, and IZUM
Containers and microservices have become topics of intense interest throughout the cloud developer and enterprise IT communities. Accordingly, attendees at the upcoming 16th Cloud Expo at the Javits Center in New York June 9-11 will find fresh new content in a new track called PaaS | Containers & Microservices Containers are not being considered for the first time by the cloud community, but a current era of re-consideration has pushed them to the top of the cloud agenda. With the launch ...
A new definition of Big Data & the practical applications of the defined components & associated technical architecture models This presentation introduces a new definition of Big Data, along with the practical applications of the defined components and associated technical architecture models. In his session at Big Data Expo, Tony Shan will start with looking into the concept of Big Data and tracing back the first definition by Doug Laney, and then he will dive deep into the description of 3V...
SYS-CON Events announced today that MangoApps will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY., and the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. MangoApps provides private all-in-one social intranets allowing workers to securely collaborate from anywhere in the world and from any device. Social, mobile, and eas...
There is no doubt that Big Data is here and getting bigger every day. Building a Big Data infrastructure today is no easy task. There are an enormous number of choices for database engines and technologies. To make things even more challenging, requirements are getting more sophisticated, and the standard paradigm of supporting historical analytics queries is often just one facet of what is needed. As Big Data growth continues, organizations are demanding real-time access to data, allowing immed...
The world's leading Cloud event, Cloud Expo has launched Microservices Journal on the SYS-CON.com portal, featuring over 19,000 original articles, news stories, features, and blog entries. DevOps Journal is focused on this critical enterprise IT topic in the world of cloud computing. Microservices Journal offers top articles, news stories, and blog posts from the world's well-known experts and guarantees better exposure for its authors than any other publication. Follow new article posts on T...
WebRTC defines no default signaling protocol, causing fragmentation between WebRTC silos. SIP and XMPP provide possibilities, but come with considerable complexity and are not designed for use in a web environment. In his session at @ThingsExpo, Matthew Hodgson, technical co-founder of the Matrix.org, discussed how Matrix is a new non-profit Open Source Project that defines both a new HTTP-based standard for VoIP & IM signaling and provides reference implementations.
The security devil is always in the details of the attack: the ones you've endured, the ones you prepare yourself to fend off, and the ones that, you fear, will catch you completely unaware and defenseless. The Internet of Things (IoT) is nothing if not an endless proliferation of details. It's the vision of a world in which continuous Internet connectivity and addressability is embedded into a growing range of human artifacts, into the natural world, and even into our smartphones, appliances, a...