...which evaluates the impact of the natural disaster events that occurred worldwide during September 2021.
The report reveals that the Cumbre Vieja volcano, located on the La Palma Island in the Canary Islands archipelago of Spain began a fissure eruption from several vents, and as of Oct. 5, resulting lava flows destroyed nearly 1,000 homes and large areas of infrastructure, including approximately 30 kilometers (18.6 miles) of roads. The event prompted evacuation of thousands of residents and will likely result in hundreds of millions of euros in economic losses. No fatalities were reported.
Hurricane Nicholas made landfall in Texas, in the United States, on Sept. 14 as a Category 1 storm. Days of heavy rainfall associated with the slow-moving cyclone prompted notable flooding and flash flooding across parts of Texas and Louisiana. Total economic losses were estimated at upwards of $1 billion. Less than half was expected to be covered by public and private insurance.
Also in the U.S., the Fawn Fire was ignited on Sept. 22 and burned thousands of acres (hectares) near the Shasta-Trinity National Forest in Shasta County, California. At least 185 structures were destroyed. For the season, California wildfires have left more than 3,600 structures damaged or destroyed with a multi-billion-dollar economic cost expected.
Michal Lörinc, senior catastrophe analyst for Aon’s Impact Forecasting team, said: “The ongoing eruption of the Cumbre Vieja volcano reminds the insurance industry of the challenges posed by non-modeled perils. While catastrophe model coverage has continued to grow, gaps remain in having a full set of modeled solutions to accurately assess various types of risk in all territories. Weather and climate perils often generate most headlines, but geologic or seismic risks remain worthy of heightened focus.”
Other natural catastrophe activity to have occurred in September includes:
The report, available at http://thoughtleadership.aon.com/Documents/20210012-analytics-if-september-global-recap.pdf, aims to assist clients in navigating natural catastrophe volatility and help them make better business decisions.
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