Hurricane Michael, the fourth strongest hurricane to strike the U.S. mainland, left behind an expensive legacy, according to Aon/Impact Forecasting’s October 2018 Global Catastrophe Recap.
The storm, which was also the strongest tropical cyclone on record to slam into the Florida Panhandle, left behind more than $15 billion in total economic losses, including physical damage and net loss business interruption. Parts of Georgia, Alabama, South Carolina, North Carolina, Virginia and Maryland all sustained wind- and flood-related damage.
Insured losses reached $8 billion, by way of payouts from both public and private insurers, Aon said.
Initial estimates placed economic losses for Hurricane Michael at $25 billion or more.
But Hurricane Michael’s damage wasn’t just confined to the U.S. Rainfall that eventually evolved into the massive storm left flooding in multiple Central American countries, causing more than $100 million in economic damage, Aon said.
Globally, other weather events also caused substantial damage. Here are some highlights:
The Asia-Pacific region faced a number of typhoon events, including Super Typhoon Yutu, a Category 5 storm when it crossed through the Northern Mariana Islands. It was one of the strongest tropical cyclones to ever hit a U.S. territory and also slammed into the Philippines. As well, Japan dealt with Typhoon Trami and Typhoon Kong-Rey, with aggregated economic losses expected to surpass $1 billion. Cyclone Titli made landfall in India as a storm surge featuring high winds and inland flooding, leaving behind $920 million in economic damage. At least 85 people died.
Much of Italy and other countries across Southern and Central Europe dealt with a severe weather outbreak during the last week of October and into early November. Flooding, landslides, severe winds and strong waves killed nearly 30 people in Italy alone, with the weather affecting multiple regions, according to the report. Estimates place total economic losses above $3.4 billion.
The storms also affected Austria, which faced $270 million in economic damage. Remnants of Hurricane Leslie hit Portugal, and flooding took place in multiple other European locations. For those locations, the report said, economic losses should reach “hundreds of millions of dollars” in damage.
Uganda, Iran, Jordan, Sri Lanka and Indonesia dealt with major floods.
Haiti faced a magnitude 5.9 earthquake that killed at least 18 people and injured 540 more. Also, close to 20,000 homes were either damaged or destroyed.
Back in the U.S., parts of Texas confronted severe thunderstorms, with torrential rains and resulting flash flooding, in areas from Dallas/Fort Worth to San Antonio. These mid-October events caused $350 million in economic losses, the report said.
Source: Aon/Impact Forecasting