September 3, 2010

Big Insurance Losses Worldwide, as More Than 2 Million Homes Are Affected

Insurance recap report puts losses at $20 billion for Pakistan alone

According to the "Monthly Recap Report" from Aon subsidiary Aon Benfield, the month of August was a tough one throughout the world, as fires, heat waves, flooding, monsoons, and storms took their toll on more than 2 million homes.

In a report from NU Online News Service, while dollar amounts were not yet in for all the catastrophes that struck during the month just ended, Aon Benfield's report showed that costs were high and damage was extensive not just in Asia's monsoons but also in Russia (wildfires); Pakistan (flooding), which cost about $20 billion; the Caribbean (hurricanes); with Hurricane Earl extending its damaging reach into the month of September as it barreled up the Eastern Seaboard.

Steve Jakubowski, president of Impact Forecasting, which published the report, made a statement that such events in 2010 highlighted the need for insurers and reinsurers "to rely on catastrophe modeling to further enhance their understanding of natural catastrophe risks."

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