NatCat events produced tens of billions USD economic losses during May 2020

11 June 2020 —
During May 2020, severe weather events have hit multiple geographical areas across the world. During this month, more than 600 people have lost their lives because of NatCat events, while the total global economic losses exceeded USD 21 billion, the latest analysis published Aon shows.

Full report: "Global Catastrophe Recap: May 2020"

In North America, severe weather was one of the most damaging natural phenomena. Tropical storm Amanda from Honduras caused 33 deaths and more than USD 200 million economic losses. Overall, North America suffered 40 human deaths and over USD 5 billion economic losses, being the third most affected continent in the face of NatCat events, Aon report's said.

South America, Europe and Middle East were the least affected continents, with overall tens of millions of USD economic losses caused by severe weather, Aon mentions. Overall 3 people lost their lives in the mentioned areas, all of them during the Oman flooding at the end of May 2020.

Africa suffered the biggest human loss caused by NatCat events compared to any other continent. According to Aon, more than 332 people lost their lives and possession during major flooding events. Kenya (237) and Rwanda (73) floods were the most devastating in terms of human casualties.

Asia faced the biggest economic loss caused by NatCat events compared to other geographical areas. In total, Aon estimated more than USD 16 billion economic losses and over 254 human deaths. By far, the most impactful event from Asia was the cyclone Amphan from Sri Lanka, which took 133 human lives and caused more than USD 15 billion economical damage.

Oceania (Australia, New Zealand, South Pacific Islands) was the luckiest continent among the rest, with only a few millions USD in economic damage and no deaths caused by NatCat events, Aon data shows.

You can find the full Aon's report here: "Global Catastrophe Recap: May 2020"