Aon report: Global economy suffers worst April natural disaster losses for five years

Cites the major earthquakes in Japan and Ecuador

Aon Benfield’s latest Global Catastrophe Recap report warns that thanks to catastrophes around the world, “economic and insured losses are poised to make this the costliest April since 2011…”

The report cites two major earthquakes that struck southern Japan during the month, causing massive devastation and killing at least 66 people, with more than 4,000 others injured. Total economic losses, including physical damage to residential and commercial structures and business interruption, are expected to exceed $10 billion U.S..

Meanwhile, the earthquake that struck Ecuador’s northwest coast, killing at least 660 people and injuring more than 17,638 others, is expected to cost more than $3 billion. “Given low insurance penetration levels, the insured loss was set to be a fraction of the overall financial cost,” says the report.

The report also points out natural disasters elsewhere, including five severe storms in the U.S. that caused insurance losses of more than $3 billion U.S., and major floods in Chile, China, Somalia, Ethiopia, India and Afghanistan.

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