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<div class="wd_title wd_language_left">Hurricane Harvey likely to be one of the costliest natural disasters on record for US economy, according to Aon report</div>
<div class="wd_subtitle wd_language_left">Harvey damage to minimally cost US economy tens of billions of dollars</div>




			
		

			
		

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<p><span class="xn-location">CHICAGO</span>, <span class="xn-chron">Sept. 8, 2017</span> /<a href="http://www.prnewswire.com/" target="_blank">PRNewswire</a>/ -- <a target="_blank" href="http://www.impactforecasting.com/" rel="nofollow">Impact Forecasting</a>, <span class="xn-person">Aon Benfield's</span> catastrophe model development team, today launches the latest edition of its monthly Global Catastrophe Recap report, which evaluates the impact of the natural disaster events that occurred worldwide during <span class="xn-chron">August 2017</span>. <a target="_blank" href="http://www.aonbenfield.com/" rel="nofollow">Aon Benfield</a> is the global reinsurance intermediary and capital advisor of Aon plc (NYSE:AON).</p>

<p>The report reveals that Hurricane Harvey came ashore in <span class="xn-location">Texas</span> on <span class="xn-chron">August 25</span> to become the first major hurricane (a storm rated as either Category 3, 4 or 5) to make landfall in <span class="xn-location">the United States</span> since Hurricane Wilma in 2005. Heavy rain continued until <span class="xn-chron">August 31</span> bringing record-breaking rainfall to some areas. Catastrophic flooding ensued across a swath of eastern <span class="xn-location">Texas</span> and southwestern <span class="xn-location">Louisiana</span>, as more than 60 people were confirmed dead and dozens more were injured. Additional impacts due to severe thunderstorms and flash floods were noted across the Gulf States and Mississippi Valley. </p>

<p>Total economic losses were estimated to minimally reach the tens of billions (USD), ensuring that Harvey is likely to become one of the costliest natural disasters on record in the U.S. Preliminary published reports suggest that insured losses – including those paid by private industry and the U.S. National Flood Insurance Program – were likely to well exceed <span class="xn-money">USD10 billion</span>.</p>

<p>Elsewhere, Typhoon Hato and Tropical Storm Pakhar both made landfall in <span class="xn-location">China's</span> <span class="xn-location">Guangdong</span> province within one week of each other, causing considerable damage and loss of life in multiple provinces as well as <span class="xn-location">Macau</span> and <span class="xn-location">Hong Kong</span>. Economic losses from Hato alone were minimally estimated at <span class="xn-money">USD3.0 billion</span>, while combined insured losses from both storms in <span class="xn-location">Guangdong</span> were estimated at <span class="xn-money">USD535 million</span>. </p>

<p>Additionally, Typhoon Noru and Hurricane Franklin impacted southern <span class="xn-location">Japan</span> and <span class="xn-location">Mexico</span> respectively during August.</p>

<p><span class="xn-person">Steve Bowen</span>, Impact Forecasting director and meteorologist, said: &quot;Hurricane Harvey's landfall in <span class="xn-location">the United States</span> officially put an end to the 11-year major hurricane drought. The impacts from the cyclone were far-reaching, and the scope of flood damage in <span class="xn-location">Houston</span> – the nation's fourth largest city – was historic. Given the anticipated costs from direct damage and business interruption, it is expected that Harvey will eventually be recorded as one of the costliest natural disasters on record in the U.S. Harvey served as a challenging reminder of how catastrophic hurricane events can be, and with September being the peak of the Atlantic Hurricane Season, the risk of further storms remains high.&quot;</p>

<p>Further natural hazard events to have occurred worldwide in August include: </p>

<ul type="disc">
<li>More than 1,300 people were killed across <span class="xn-location">South Asia</span> due to extensive monsoonal flooding and landslides during August. Throughout <span class="xn-location">India</span>, <span class="xn-location">Bangladesh</span>, and <span class="xn-location">Nepal</span>, tens of millions of people were affected as approximately one million homes were damaged or destroyed. Extensive damage to agriculture and infrastructure was also endured in northeastern <span class="xn-location">India</span>, southern and eastern <span class="xn-location">Nepal</span>, and northern <span class="xn-location">Bangladesh</span>.
</li><li>Multiple rounds of flooding impacted several Chinese provinces claiming at least 100 lives and generating aggregated economic losses in excess of <span class="xn-money">USD1.2 billion</span>.
</li><li>Floods in northern <span class="xn-location">Vietnam</span> claimed 40 lives and caused losses of <span class="xn-money">USD88 million</span>.
</li><li>Torrential rainfall over portions of <span class="xn-location">Africa</span> during August led to at least two significant landslides that claimed an estimated 1,250 lives. The largest of these occurred in <span class="xn-location">Sierra Leone</span> on <span class="xn-chron">August 14</span> where the death toll in <span class="xn-location">Freetown</span> was estimated at approximately 1,050. Additional flood events were reported in <span class="xn-location">Russia's</span> Far East, <span class="xn-location">Yemen</span>, <span class="xn-location">Iran</span>, <span class="xn-location">the United States</span> (<span class="xn-location">Florida</span>), and <span class="xn-location">Europe</span> (The Alps) during August.
</li><li>Several rounds of severe weather including at least two derechos impacted multiple central European countries through the middle part of August. Widespread property, agricultural, and forestry damage was reported from <span class="xn-location">Poland</span>, the <span class="xn-location">Czech Republic</span>, <span class="xn-location">Slovakia</span>, <span class="xn-location">Germany</span>, <span class="xn-location">Switzerland</span>, and <span class="xn-location">Austria</span>. Both economic and insured losses were expected to reach well into the hundreds of millions (EUR).
</li><li>Multiple severe weather outbreaks were additionally noted in <span class="xn-location">the United States</span> and <span class="xn-location">China</span>.
</li><li>On <span class="xn-chron">August 8</span>, a magnitude-6.5 earthquake struck <span class="xn-location">China's</span> <span class="xn-location">Sichuan</span> province, damaging 72,500 homes.</li></ul>
<p>To view the full Impact Forecasting <span class="xn-chron">August 2017</span> Global Catastrophe Recap report, please follow the link: </p>

<p><a target="_blank" href="http://aon.io/2f08yoP" rel="nofollow">http://aon.io/2f08yoP</a> </p>

<p>Along with the report, users can access current and historical natural catastrophe data and event analysis on Impact Forecasting's Catastrophe Insight website, which is updated bi-monthly as new data become available:</p>

<p><a target="_blank" href="http://www.aonbenfield.com/catastropheinsight" rel="nofollow">www.aonbenfield.com/catastropheinsight</a> </p>

<p>Further information</p>

<p>For further information please contact the Aon Benfield PR team: <a target="_blank" href="mailto:andrew.wragg@aonbenfield.com" rel="nofollow">Andrew Wragg</a> (+44 207 522 8183 / 07595 217168) <a target="_blank" href="mailto:david.bogg@aonbenfield.com" rel="nofollow">David Bogg</a> or <a target="_blank" href="mailto:alexandra.lewis@aonbenfield.com" rel="nofollow">Alexandra Lewis</a> </p>

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<div class="PRN_ImbeddedAssetReference" id="DivAssetPlaceHolder5361"><p><img src="https://mma.prnewswire.com/media/487621/AON_Logo.jpg" title="Aon plc (http://www.aon.com) is a leading global provider of risk management, insurance brokerage and reinsurance brokerage, and human resources solutions and outsourcing services. Through its more than 72,000 colleagues worldwide, Aon unites to empower results for clients in over 120 countries via innovative risk and people solutions. For further information on our capabilities and to learn how we empower results for clients, please visit: http://aon.mediaroom.com. (PRNewsFoto/Aon Corporation) (PRNewsfoto/Aon plc)" alt="Aon plc (http://www.aon.com) is a leading global provider of risk management, insurance brokerage and reinsurance brokerage, and human resources solutions and outsourcing services. Through its more than 72,000 colleagues worldwide, Aon unites to empower results for clients in over 120 countries via innovative risk and people solutions. For further information on our capabilities and to learn how we empower results for clients, please visit: http://aon.mediaroom.com. (PRNewsFoto/Aon Corporation) (PRNewsfoto/Aon plc)"/></p>
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