# Asia records $10bn economic loss as severe flooding continues in July, according to Aon catastrophe report Author: Pal Sinha, Barnali Author URL: https://financedigest.com/author/pal-sinha-barnali Published: 2017-08-10 Category: NEWS Category URL: https://financedigest.com/category/news Meta Title: Devastating Global Flood Events July 2017 Recap Meta Description: Discover the $1bn flood loss in Japan and devastating global flood events in July 2017. Impactful insights from Aon Benfield's Catastrophe Recap report. URL: https://financedigest.com/asia-records-10bn-economic-loss-as-severe-flooding-continues-in-july-according-to-aon-catastrophe-reporthtml ![undefined](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/graphicstock-closeup-of-bus-1736843603056-compressed.jpg) Japan suffers $1bn flood loss amid series of devastating global flood events during month [Impact Forecasting](http://www.impactforecasting.com/), Aon Benfield’s catastrophe model development team, today launches the latest edition of its monthly [Global Catastrophe Recap report](http://aon.io/2fmZ3TM), which evaluates the impact of the natural disaster events that occurred worldwide during July 2017. [Aon Benfield](http://www.aonbenfield.com/) is the global reinsurance intermediary and capital advisor of Aon plc (NYSE:AON). The report reveals that relentless seasonal flooding that began in mid-June resulted in continued fatalities and damage across parts of Asia during the month. The greatest impacts were recorded in China, where nearly 200 people were left dead or missing and hundreds of thousands of homes were damaged or destroyed. The Ministry of Civil Affairs listed combined economic flood damage at more than USD10 billion during a six-week stretch, much of which occurred in the Yangtze River Basin. Heavy flooding also occurred in Japan following the landfall of Tropical Storm Nanmadol and abundant remnant moisture associated with a frontal boundary, with more than 2,600 homes and other structures damaged or destroyed as extensive flooding and landslides affected Fukuoka, Oita, Shimane, Kumamoto, and Hiroshima prefectures. Total economic [losses were expected to near USD1.0 billion](https://www.financedigest.com/orpea-slides-to-annual-loss-of-4-billion-euros-on-asset-depreciation.html "Orpea slides to annual loss of 4 billion euros on asset depreciation"). Meanwhile, monsoon rains killed hundreds and caused major damage to structures, agriculture and infrastructure in parts of India, Bangladesh and Pakistan. Total economic damage was minimally listed in the hundreds of millions (USD). Additional seasonal rains in Thailand killed at least 23 people and caused economic damage in excess of USD300 million, while flash flooding in northern Switzerland prompted claims payouts of nearly USD90 million. Two separate instances of [powerful thunderstorms resulted in considerable damage](https://www.financedigest.com/shelling-damages-zaporizhzhia-nuclear-plants-backup-power-line-iaea.html "Shelling damages Zaporizhzhia nuclear plant’s backup power line -IAEA") in Turkey, marked by large hail and flooding throughout the greater Istanbul metro region. Turkish [insurers](https://www.financedigest.com/different-countries-different-insurance-cultures-how-insurers-can-adapt-their-products.html "insurers") anticipated combined claims payouts reaching USD440 million; overall economic losses were higher. Additional [severe thunderstorms and subsequent flooding affected](https://www.financedigest.com/outbreak-of-the-covid-19-pandemic-is-expected-to-severely-affect-the-global-packaging-and-labelling-services-market.html "Outbreak of The COVID-19 Pandemic is Expected To Severely Affect The Global Packaging And Labelling Services Market ") many sections of the United States. Damage and casualties resulting from large hail, straight-line winds, isolated tornadoes and flash floods were noted in the Midwest, Plains, Southeast, Mid-Atlantic and the Desert Southwest. Total combined economic and insured losses were expected to enter the hundreds of millions (USD). Claire Darbinyan, Impact Forecasting Associate Director and Meteorologist said: “There was no shortage of global natural disasters during July, though the vast majority were [reported in Asia where enhanced seasonal monsoon rainfall over China and throughout South Asia led to significant flooding that caused considerable loss](https://www.financedigest.com/yen-stems-losses-after-report-of-boj-rate-check-hints-on-intervention.html "Yen stems losses after report of BOJ rate check, hints on intervention") of life, and billions of dollars of damage to property and agriculture. In addition, three tropical cyclones in the region enhanced the monsoonal flow to trigger further flooding in multiple countries. Given low levels of insurance penetration in the region, the majority of these losses are expected to be uninsured, highlighting the considerable protection gap and the potential for re/insurers to further offer their specialist risk management skills.” Other natural hazard events to have occurred elsewhere during July include: - Major severe weather events were noted in Canada, China, and Europe. - [Officials in Italy reported that prolonged drought conditions has cost the economy](https://www.financedigest.com/us-treasurys-top-international-official-heads-to-europe-asia-for-talks-on-economy.html "US Treasury’s top international official heads to Europe, Asia for talks on economy") some EUR2.0 billion (USD2.3 billion) in economic losses. [Production of vegetables](https://www.financedigest.com/demand-for-meatless-products-and-vegetable-proteins-is-expected-to-improve-nutritional-yeast-market-sale.html "Demand For Meatless Products And Vegetable Proteins Is Expected To Improve Nutritional Yeast Market Sale"), fruits, cereals, vines, and olives were all impacted by the abnormally dry conditions which prevailed across the country during the first half of 2017. - [Extreme heat and drought conditions](https://www.financedigest.com/tips-for-preparing-your-car-and-home-for-extreme-weather-conditions.html "Tips for Preparing Your Car and Home for Extreme Weather Conditions") led to wildfire damage across parts of the United States, Canada, Portugal, France, and the Balkans. - Tropical Storm Talas made landfall in Vietnam, causing USD44 million in economic damage. - Strong earthquakes were recorded in the Philippines, Greece, Turkey, and China. - A winter [storm brought high winds](https://www.financedigest.com/predicting-wind-storms-35-years-on-from-the-great-storm.html "Predicting Wind Storms 35 years on from the Great Storm ") and flooding to New Zealand; damage estimated in the millions (USD). To view the full [Impact Forecasting July 2017 Global Catastrophe Recap report](https://www.financedigest.com/industrial-catalytic-converter-market-size-share-forecast-report-2027-covid-19-impact-analysis-fmi.html "Industrial Catalytic Converter Market Size, Share, Forecast Report – 2027 – COVID-19 Impact Analysis | FMI"), please follow the link: [http://aon.io/2fmZ3TM](http://aon.io/2fmZ3TM) --- This blog is powered by Superblog. Visit https://superblog.ai to know more. ---