Japan, U.S. winter weather brings February catastrophe total to $1 billion

Catastrophes worldwide caused roughly $1 billion in insured losses in February, according to the latest recap report from Impact Forecasting, the catastrophe model development arm of Aon Benfield.

Record snowfall in Japan resulted in total claims payouts of about $585 million, while economic losses were around $1.2 billion, according to the report.

A winter storm across the country in the United States last month also damaged more than 50,000 structures and caused economic losses of an estimated $500 million, with insured losses of about $250 million.

An earlier winter storm, also last month in the U.S., had caused economic losses of $250 million and insured losses of $150 million.

Also south of the border, a “spring-like” storm system caused severe weather in several parts of the eastern U.S., causing economic losses in the hundreds of millions of dollars.

Severe winter weather in China in February also caused economic losses of around $930 million, the report says.

“February was characterized by a wide spectrum of events, ranging from well-modelled windstorms affecting vast areas of Europe at the end of its winter season, to largely non-modelled floods affecting parts of South America and Asia,” Adam Podlaha, head of Impact Forecasting, commented in a press release.

“From time to time, a non-modelled peril such as the recent volcanic activity in Indonesia reminds us of the array of risks present around the globe,” he added, referring to Mount Kelud, which erupted on Indonesia’s Java Island, killing at least seven people and resulting in the evacuation of 200,000 local residents. Economic damages were estimated at $103 million.

Central and western Europe also saw several wind storms, including Windstorm Tini, which caused damage and flooding across England, Wales and Ireland. Insured losses are estimated at $685 million, and overall economic damages are pegged about about $1 billion.

Flooding also continued last month in much of Bolivia, with total economic damages across multiple regions listed in excess of $100 million, while additional flood events were recorded in areas of Indonesia, Zimbabwe, Burundi, Philippines, and Fiji.