GTA flooding, severe U.S. weather among major July disasters: Aon Benfield

Strong thunderstorms and flooding in the Greater Toronto Area marked the second billion-dollar natural disaster event in Canada this year, and were among the catastrophes that marked this July, notes Aon Benfield’s latest recap report.

Total economic losses from the GTA floods are estimated to be around $1.5 billion, with about half of that covered by insurance, suggests the Global Catastrophe Recap report for July from Impact Forecasting, the catastrophe model development arm of Aon Benfield.

That would make it the second natural disaster event in Canada to pass the $1 billion-mark this year, after June’s flooding in Alberta.

The United States also saw severe weather during July, including straight-line winds and hail, with total combined economic and insured losses expected to reach millions of dollars, Aon said.

“With the calendar turning into August, the focus in the United States begins to shift from tornadoes to hurricanes as we begin to enter the peak of the Atlantic Hurricane Season,” noted Steve Jakubowski, president of Impact Forecasting.

The U.S. remains in a record stretch without a major hurricane landfall (Category 3+), though recent history with Superstorm Sandy (2012), Hurricane Irene (2011) and Hurricane Ike (2008) shows that storms with weaker intensities can still cause catastrophic damage. Historical averages suggest that the U.S. is overdue for a major hurricane landfall, and we’ll watch to see what the rest of the 2013 season brings.”

During July, China was also hit hard by severe rainfall, which killed more than 225 people and caused economic losses of more than $1 billion, Aon notes. That country also had a magnitude 5.9 earthquake, which killed at least 95 people and caused economic losses of about $3.25 billion, with an estimated 80,000 homes damaged or destroyed.

Monsoon rains also caused more flooding and landslides in northern India, while  excessive rainfall resulted in dozens of casualties and severe damage across Indonesia, Myanmar, Thailand, Vietnam, Japan, and North Korea, according to the report.

In New Zealand, a magnitude-6.5 earthquake also caused minor damage across the North and South islands. “Four people were injured and the New Zealand Earthquake Commission (EQC) reported that at least 3,128 insurance claims had been filed, resulting in an estimated insured loss of NZ$50 million (US$40 million),” the report says.

“Three tropical cyclones also affected Asia during July, the costliest being Super Typhoon Soulik, which caused $460 million in economic damages after making landfall in Taiwan and China,” Aon also says.

“Meanwhile, Typhoon Rumbia caused economic losses of $177 million in China and Tropical Storm Cimaron made landfall in China’s Fujian Province, causing an estimated $253 million in economic damages.”

In the Americas, Hurricane Erick skirted the western Mexico coastline, killing two people, while Tropical Storm Chantal degenerated while crossing the Caribbean Sea