Australia's Queensland flood losses estimated at $1.2bn: Aon

Insured losses from the  Townsville flood in Queensland, Australia from January 26 to February 7 have has reached A$893 million ($627 million), according to Aon’s Impact Forecasting.

The total economic losses, including damage to property, infrastructure, and agriculture, are expected to be at least A$1.7 billion ($1.2 billion).

Aon said the estimates are based on the 22,204 claims filed so far by the Insurance Council of Australia (ICA).

The catastrophe report also highlighted the losses resulting from significant flooding in Chile during the first 10 days of February, killing at least six people, and damaging or destroying more than 5,700 homes in the Arica y Parinacota, Tarapacá, and Antofagasta regions. The Chilean government allocated CLP60 billion ($91 million) for event relief.

Multiple storm systems resulted in periods of heavy snow, freezing rain, and ice across parts of the US Midwest and Canada throughout February. Total combined economic and insured losses from the events were expected to reach into the hundreds of millions of dollars.

According to the report, similar losses are anticipated from the powerful thunderstorms that generated tornadoes, large hail, damaging straight-line winds, and flooding rainfall in the Central and Eastern US.

Other natural catastrophe events in February included strong winds and heavy rainfall that caused moderate damage in Italy, Croatia, Greece, and Malta. The financial impact was expected to exceed €200 million.

Multiple landslides were triggered in Bolivia following days of heavy rainfall, while hurricane-force wind gusts, torrential rains, high surf, mountain snow, and some of the coldest temperatures in years affected Hawaii in February.

“As the calendar begins to shift from winter to spring in the Northern Hemisphere, increased focus is now on the official arrival of El Niño," warned Steve Bowen, Impact Forecasting director and meteorologist.

"While currently a weak El Niño episode and not expected to have significant impacts on global weather patterns, such conditions can still enhance regional phenomena. Given that the second and third quarters are typically the costliest for catastrophe losses, there will be continued monitoring of whether El Niño may have any notable influence on upcoming events,” he said.

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