Cold Weather, Winter Storms Created Feb/March Damage and Turmoil: Aon Benfield

March 9, 2018

Severe cold weather and a winter storm that affected large parts of Europe during the second half of February and early March caused business interruption and other damages surpassing hundreds of millions of dollars, according to a new report from Aon Benfield’s Impact Forecasting.

Cold or bad weather also created trouble through parts of the United States and much of the world, the report noted. An earthquake left behind major damage in Papua New Guinea, among other natural disasters during that period.

“Nearly every major continent recorded noteworthy natural disaster impacts during the month of February,” Steve Bowen, Impact Forecasting director and meteorologist, said in prepared remarks. “While financial costs from large-scale weather events in Europe and the United States are likely to be easily absorbed by local governments and the insurance industry, the impact to less affluent regions is expected to pose a greater challenge for recovery.”

Underscoring the trouble caused by damage to less affluent regions, Bowen noted the turmoil caused by Cyclone Gita’s path through the South Pacific Islands and the massive earthquake that hit Papua New Guinea on Feb. 26, killing at least 75 people, injuring more than 500, and causing major damage or destruction to thousands of homes and other structures.

“The scale of damageā€¦[highlights] the continued need to ensure that insurance programs or risk mitigation solutions are in place to help expedite the short- and long-term recovery process,” Bowen said.

Here is a rundown of the major natural disasters and weather events that hit during the last two weeks of February and early March:

Source: Impact Forecasting