EUR1.8 billion (USD 2.2 billion) is the estimated amount lost due to the low-pressure system 'Filomena,' which caused severe snowfall in Spain, leading to business interruption and property losses. according to the latest edition of Global Catastrophe Recap report launched by Aon plc (NYSE: AON) which evaluates the impact of the natural disaster events that occurred worldwide during January 2021.

Insurance payments in the agricultural sector, along with flood-related property claims, only reached into the tens of millions EUR. Michal Lorinc, catastrophe analyst for Aon's Impact Forecasting team, commented:

"While the European Windstorm season to-date has been relatively calm in comparison to peak loss years, winter Storm Filomena brought wintry conditions and cold temperatures not seen in Spain in two decades. Winter weather is not often a primary driver of annual financial losses, but the level of direct and indirect disruption due to extreme freeze or excessive snowfall can lead to notable commercial and supply chain challenges."

In the United States, losses were estimated at USD 525 million and more than half of them were covered by insurance. The losses were caused by the widespread power outages, flash flooding, landslides, downed trees and property damage due to the atmospheric river and low-pressure system which impacted the Pacific Northwest, Intermountain West and Northern Plains.

Also, an unseasonably strong high wind event impacted central and southern California after mid-January. Wind gusts across the Sacramento Valley, Bay Area and Greater Los Angeles reached 60 to 70 mph (95 to 115 kph), with maximum gusts at higher elevations topping 90 mph (145 kph). Total losses were estimated at USD 350 million, with more than 50 percent covered by public and private insurers.

Cyclone Eloise made an initial landfall in Madagascar on January 19 before rapidly intensifying and striking Mozambique the same day as a Category 2-equivalent storm, killing at least 25 people. Landfall occurred near the city of Beira, which is still recovering from cyclones Idai and Kenneth (2019), and tens of thousands of homes were damaged or destroyed in Mozambique, Madagascar, Zimbabwe, Swaziland and South Africa.

According to the report, other natural hazard events that occurred in January include:

• Two notable outbreaks of severe weather with strong winds and heavy snowfall affected western Canada. Total economic and insured losses were anticipated to reach into the tens of millions USD.
• A magnitude-6.4 (USGS) earthquake struck San Juan Province in west-central Argentina on January 18. At least 3,000 structures were destroyed and 30,000 more were damaged.
• Heavy snowfall and blizzard conditions affected north-western parts of Japan. As many as 23 people were killed, while total economic and insured losses were each expected to reach into the hundreds of millions (USD).

The full Impact Forecasting January 2021 Global Catastrophe Recap report, can be read at the following link:

http://thoughtleadership.aon.com/documents/20210209_analytics-if-january-global-recap.pdf