Chicago
07 August 2015
Reporter: Becky Butcher

Typhoon causes $1.5 billion economic loss


Typhoon Chan-hom caused $1.5 billion of economic losses in China, mainly as a result of damage to agricultural interests and infrastructure, according to Aon’s catastrophe report.

The report, which evaluates the impact of the natural disaster events that occurred worldwide during July 2015. reveals that Typhoon Chan-hom tracked across much of the Western Pacific Ocean during the month, causing extensive damage in China, Japan's Okinawa Island chain, South Korea, Taiwan and Guam, killing at least six people and injuring 30 others.

Total economic losses were estimated at more than $1.6 billion, with China bearing the greatest impact.

Additional landfalling tropical cyclones in Asia during the month included Typhoon Linfa and Super Typhoon Nangka, which caused total economic losses of $214 million and $200 million, respectively.

Adityam Krovvidi, head of impact forecasting in the Asia Pacific, commented: "The recent tropical cyclone losses in Asia show that the peril remains an increasingly costly one for the continent on both an economic and insured loss basis.”

“With the peak of the Western Pacific typhoon season approaching, we can expect further chances of landfalls in the basin. Impact Forecasting has developed an Asian typhoon model and a Japan typhoon model to help our clients evaluate their risks for when the next event strikes.

Two separate stretches of severe thunderstorms impacted the US, with the majority of damage occurring in the Midwest, Plains, Southeast and the Northeast as a result of tornadoes, large hail, and damaging straight-line winds. Initial insured loss estimates reached $325 million.

Meanwhile, Cyclone Raquel brought torrential rainfall to portions of the Solomon Islands as more than 150 buildings were damaged or destroyed and almost 40,000-food gardens sustained damage.

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