Reinsurance News

Aon’s latest nat cat report notes multi-billion dollar events in India, Canada

17th December 2021 - Author: Charlie Wood

Aon’s latest monthly catastrophe report reveals how an active Northeast Monsoon affected parts of India and Sri Lanka from late October through November, killing at least 190 people in India and 27 in Sri Lanka.

Tens of thousands of structures and vehicles were damaged or destroyed, along with agricultural land and infrastructure.

Total economic losses within India’s Karnataka and Andhra Pradesh states alone were estimated at over $2.4 billion.

Meanwhile, a prolific “atmospheric river” caused catastrophic impacts in Canada’s southern British Columbia province in mid-November, resulting in a province-wide State of Emergency and killing four people.

The economic loss was anticipated to approach or exceed $2 billion in Canada alone, while damage to property, agricultural interests and infrastructure was widespread, resulting in notable supply chain disruptions.

Heavy rains also affected the US state of Washington, where additional economic losses were estimated to reach $200 million.

“The reality of heavier rainfall events and subsequent flooding continues to become more evident on a seemingly monthly basis as new examples of extreme events occur,” said Steve Bowen, Managing Director and Head of Catastrophe Insight for Aon’s Impact Forecasting team.

“2021 has recorded several record-setting events in parts of Europe, Asia, Oceania and the Americas, which has further exposed structural, agricultural and infrastructure vulnerabilities to high-intensity, low-interval rainfall occurrences.

“Recent events in Canada, India and Australia serve as reminders of the need to navigate the increasing volatility of these events and the interconnected and more severe risks they present.”

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