General Insurance Article - Canadian billion dollar hailstones


Aon launches the latest edition of its monthly Global Catastrophe Recap report, which evaluates the impact of the natural disaster events that occurred worldwide during June 2020.

 The report reveals that a series of powerful thunderstorms swept across southern Alberta, Canada on June 13-14, resulting in large hail that caused extensive damage and flooding throughout the greater Calgary metro region. Thousands of homes and vehicles sustained significant damage, while vast areas of agricultural land were also severely impacted. Total economic losses were estimated at up to CAD1.7 billion (USD1.25 billion). Roughly three-quarters of the damage was covered by insurance.

 Meanwhile, several severe weather outbreaks in the United States in June resulted in an economic loss exceeding USD2.3 billion. The costliest event was a prolonged weather pattern from June 5-11 across much of the eastern two-thirds of the United States that caused total economic losses estimated at USD800 million, of which more than USD600 million was insured.

 Steve Bowen, director and meteorologist on the Impact Forecasting team at Aon, said, “The costs associated with the severe convective storm peril continue to account for a higher portion of insurance payouts on an annual basis. While the United States often drives most of these fiscal impacts due to hail, other areas such as Canada, Australia, Germany, and France are frequent to the risk. The June 13 hailstorm in the Calgary metro region, which became one of Canada’s most expensive thunderstorm-related events on record, was not a surprise given Alberta’s long history of impacts from the peril, but the size and intensity of the storm swath over such a concentrated population center only magnified the potential of extensive damage.”

 Further natural hazard events to have occurred in June include:
 • Torrential seasonal Mei-yu rains arrived in China and initiated widespread flooding across the greater Yangtze River Basin during the month of June, killing at least 106 people. The hardest-hit provincial regions included Guangdong, Guangxi, Hunan, Jiangxi, Guizhou, Sichuan, Yunnan, Hubei and Chongqing, where more than 250,000 homes were damaged or destroyed. Total combined economic losses during June alone were listed by the government at CNY35.8 billion (USD5.1 billion).
 • Tropical Storm Cristobal affected parts of Central America and the southern United States with storm surge, heavy rainfall and convective storms. Total economic losses were estimated at more than USD650 million.
 • Several severe weather outbreaks impacted parts of Central Europe in June; the most affected countries were Germany, the Czech Republic, Poland, Austria and Hungary. Total economic losses were likely to exceed USD150 million. Additionally, widespread flooding in western Ukraine affected more than 22,000 structures.
 • A powerful extratropical cyclone rapidly intensified and brought periods of gusty winds and heavy rainfall across parts of Brazil on June 30 and July 1, killing at least 10 people. Total economic losses were expected to reach well into the millions (USD).
 • A series of four tornadoes touched down across parts of New Zealand’s North Island on June 26-27. Total economic and insured losses were likely to reach into the low-digit millions (USD).

 To view the full Impact Forecasting June 2020 Global Catastrophe Recap report

 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:
 
 For a comprehensive round-up of global natural catastrophe activity in the first half of the year, please see Aon’s 1H 2020 Global Catastrophe Report, scheduled to be launched later this month.
  

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