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Multi-billion dollar US floods drive up global nat cat bill for October: Aon

15th November 2021 - Author: Charlie Wood

A series of flooding events during October resulted in billions of dollars worth of economic costs, according to Aon’s monthly natural catastrophe report.

Meanwhile, a late-season severe weather outbreak in the US’ Southern Plains and Midwest generated large hail, damaging winds and tornadoes between Oct. 10 and 11.

Aon says total economic losses were expected to reach at least $300 million, mostly covered by public and private insurers.

Thunderstorms in South Australia, Victoria and Tasmania in late October caused widespread damage, prompting the Insurance Council of Australia (ICAUS) to declare an insurance catastrophe for the event.

Total economic and insured losses were each estimated at more than $100 million.

Thunderstorms in South Australia, Victoria and Tasmania in late October caused widespread damage, prompting the Insurance Council of Australia (ICAUS) to declare an insurance catastrophe for the event.

Total economic and insured losses were each estimated at more than $100 million.

Brian Kerschner, Senior Catastrophe Analyst for Aon’s Impact Forecasting team, said: “October is typically considered a ‘second season’ for severe weather in the United States as it marks a transition from summer warmth to cooler autumn temperatures.

“This year saw one of the highest tornado tallies for the month on record as it added to what is Another region with notable thunderstorm activity in 2021 has been in Australia, where late October storms prompted an insurance catastrophe for multiple states.

“Most of these losses were due to large hail, which again reinforces the need to promote more resilient construction practices in known high-risk areas.”

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