Report: June Flooding Causes $5.4B Economic Loss for China

July 8, 2011

The latest Monthly Cat Recap report, released by Aon Benfield, the global reinsurance intermediary and capital advisor of Aon Corporation, revealed heavy flooding in China last month directly impacted at least 37 million people, displacing around 1.6 million residents and submerging nearly one million hectares of farmland, according to the country’s Ministry of Civil Affairs.

The deluge impacted 13 central and southern provinces including the Yangtze River Basin, killing at least 199 people with dozens more remaining missing.

More than 500,000 homes were damaged or destroyed and hundreds of roads, bridges and railways were submerged, resulting in a direct economic loss listed at CNY35 billion (USD5.41 billion).

Elsewhere in Asia, flooding in parts of India, Tajikistan, Singapore and the Philippines, caused varying amounts of damage, and a number of deaths.

In Minot, North Dakota, a record overflow from the Souris River flooded more than 4,100 homes in the city, causing at least USD200 million in damages and reconstruction costs throughout the river basin, while in Canada, dozens of homes were inundated by the floodwaters.

Meanwhile, Tropical Storm Arlene became the first Atlantic cyclone of 2011, making landfall near Cabo Rojo, Mexico and killing at least 20 people following widespread flooding and landslides in the states of Veracruz, Tamaulipas and San Luis Potosi.

On Mexico’s Pacific coast, Hurricane Beatriz skirted the coastline and caused three fatalities.

In Asia, three separate tropical storms – Sarika, Haima and Meari – crossed the Western Pacific Ocean Basin and caused 67 deaths and USD342 million in damages across parts of China, the Philippines, Korea and Vietnam.

Two strong aftershocks (of magnitudes 5.2 and 6.0) struck greater Christchurch in New Zealand during the month, leaving at least one person dead and 46 more injured. Damage was reported throughout Christchurch and its eastern suburbs due to ground shaking and resultant liquefaction and rockslides.

To date, the New Zealand government has not released any official preliminary loss projections for the aftershock, but the New Zealand Earthquake Commission has received at least 22,000 insurance claims.

In the U.S., wildfires burned across parts of Arizona, New Mexico, Texas and Florida in the U.S. in June, killing two people and destroying significant amounts of timber in Texas which could cost the state USD500 million in lost productivity.

Source: Aon Benfield

Was this article valuable?

Here are more articles you may enjoy.