Impact Forecasting, Aon Benfield's catastrophe model development team, has published the latest edition of its monthly Global Catastrophe Recap report, which evaluates the impact of the natural disaster events around the world during March 2016.
The report highlights that seven severe convective storm events impacted nearly every part of the US during the month, as more than 1,000 individual reports of tornadoes, damaging straight-line winds and hail were recorded by the Storm Prediction Center. The Insurance Council of Texas estimated insured losses for the state alone at above USD 1.1 billion.
Overall economic losses sustained to property, infrastructure and agriculture across the US from the convective storm and flood damage were anticipated to approach USD 3.5 billion, while insured losses incurred by public and private insurance entities were tentatively estimated at USD 2.0 billion.
Meanwhile, the most damaging severe thunderstorm and flood event in at least a decade impacted the United Arab Emirates (UAE) and Oman in March. UAE local insurers anticipated claims to reach AED 500 million (USD 140 million), with total economic losses forecast to be well into the hundreds of millions (USD).
Natural hazard events to have occurred elsewhere during the month include:
- Thunderstorm and heavy rain events impacted central and eastern sections of China, leading The Ministry of Civil Affairs to report aggregated economic losses of CNY 3.7 billion (USD 570 million).
- Windstorm Jeanne, known locally as Katie, caused hurricane-force winds and flooding in northern Europe, killing at least one person. Total economic and insured losses are expected to exceed USD 100 million.
- Intensifying drought conditions in India caused major crop damage. The National Disaster Relief Fund (NDRF) recently allocated INR 40 billion (USD 600 million) for seven hard-hit states: Tamil Nadu, Rajasthan, Jharkhand, Assam, Andhra Pradesh, Himachal Pradesh, and Nagaland.
- A Canada winter storm system brought accumulating snow, ice and freezing rain to portions of Ontario and Quebec, causing widespread damage. Total economic losses were estimated to approach CAD 130 million (USD 100 million), while insurers anticipated losses well into the tens of millions (USD).