(Chicago, Ill) Aon’s Impact Forecasting team, which produces its monthly Global Catastrophe Recap report, evaluated the impact of the natural disaster events that occurred worldwide during November 2018.
Total aggregated economic losses for the fires are expected to minimally exceed USD10 billion, while insurance claims payouts for wildfires are set to exceed USD10 billion in the United States for the second year running.
The California Department of Forestry and Fire Protection, CalFire, cited that 19,357 homes and other structures were damaged or destroyed, making the Camp Fire the deadliest and most destructive on record in California. Additionally, three people were killed in the Woolsey Fire as the fire damaged or destroyed nearly 2,000 structures in Ventura and Los Angeles counties.
Steve Bowen, Impact Forecasting Director and Meteorologist, said: “With annual wildfire industry payouts expected to exceed USD10 billion for the second consecutive year in the United States, the standard assumption of wildfire being a secondary peril may evolve in the future. While insurers remain firmly in position to handle the volume of claims in the aftermath of recent events, these heightened losses put a further spotlight on the growing risk of the peril around the world.”
To view the full Impact Forecasting November 2018 Global Catastrophe Recap report, please follow the link:
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: