As a thus far mild Atlantic Hurricane Season approaches its peak period, the tropic cyclone season is causing damage across the Pacific.
In its monthly catastrophe recap report, Aon Benfield, the global reinsurance intermediary and capital advisor of
The most prolific storm, Typhoon Nock-ten, made separate landfalls in the Philippines, China and Vietnam, killing at least 72 people, and injuring 53 others, amid total economic losses estimated at $113 million. In Japan, Typhoon Ma-on made landfall on Shikoku Island, killing at least five people, injuring dozens more, and causing a total economic loss estimated at $50 million.
Elsewhere, monsoon rains prompted continued flooding throughout parts of Asia during July. In China, four separate periods of heavy rainfall and thunderstorms across 20 provinces killed at least 122 people, and subsequent floods and landslides affected more than 300,000 homes, as well as thousands of hectares of crops and transportation infrastructure. In South Korea, significant flooding and landslides killed at least 62 people in central regions of the country and at least 11,000 homes were inundated, as well as large areas of infrastructure, according to the National Emergency Management Agency.
"During the month of July we began to see an uptick in global tropical cyclone activity,” said Steve Jakubowski, president of Impact Forecasting, Aon’s catastrophe model development center of excellence. “Several parts of Asia were particularly affected by tropical cyclones during the month in the Northwest Pacific Basin, but the level of losses will probably be in line with reinsurers' expectations."
