November 1st, 2017

Asia Pacific Catastrophe Report 2017: Executive Summary: Losses

Posted at 4:00 AM ET

cover-thumbInsured losses in Australia and New Zealand were the largest events. The region was also impacted by floods in China, India and Thailand and an earthquake in China. Once again, flood was a major contributor to economic losses in the region, but often in areas where insurance penetration was limited. Flood is difficult for (re)insurers to model, but Guy Carpenter has made significant steps to help clients deal with the problems.

Cyclone Debbie

The largest catastrophe event to affect Australia in the past 12 months was the Category 4 Severe Tropical Cyclone Debbie that made landfall on March 28, 2017 in northern Queensland. The storm tracked through Australia and passed into New Zealand. The market loss in Australia from Debbie was estimated at AUD 1.5 billion. Insured loss in New Zealand was estimated at NZD 66.4 million.

Kaikoura Earthquake

On November 14, 2016, a magnitude (Mw) 7.8 earthquake struck Kaikoura on the east coast of the South Island of New Zealand. This event was a complex, multi-fault earthquake, and as multiple faults ruptured, an extraordinary amount of energy was released in a northward direction, reaching Wellington. The earthquake lifted portions of the coast line up to six meters, closed a vital coastal highway and railway links, and isolated numerous towns and villages, including the important tourist and fishing town of Kaikoura. The insured loss from this event was estimated at NZD 1.88 billion.

This report is available to Guy Carpenter clients. To request the report click here>>

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