Wildfire loss may exceed $10 b in USA.The insurance claims payouts for wildfire may exceed USD 10 billion for second consecutive year.

As per Aons impact forecasting,total aggregated economic losses for the fires were expected to minimally exceed USD10 billion, while insurance claims payouts for wildfires are set to exceed USD10 billion in the United States for the second year running

Global Catastrophe Recap report

Aons Impact Forecasting team recently launches the latest edition of its monthly Global Catastrophe Recap report, which evaluates the impact of the natural disaster events that occurred worldwide during November 2018.

California wildfire

The report reveals that a series of major wildfires burned across Northern and Southern California throughout the month; the most catastrophic, the Camp Fire in Butte County, largely destroyed the city of Paradise, killing 88 people with dozens of others unaccounted for.

The California Department of Forestry and Fire Protection, CalFire, cited that 19,357 homes and other structures were damaged or destroyed, making the Camp Fire the deadliest and most destructive on record in California. Additionally, three people were killed in the Woolsey Fire as the fire damaged or destroyed nearly 2,000 structures in Ventura and Los Angeles counties.

Steve Bowen, Impact Forecasting Director and Meteorologist, said: With annual wildfire industry payouts expected to exceed USD10 billion for the second consecutive year in the United States, the standard assumption of wildfire being a secondary peril may evolve in the future.

Insurers can handle it

While insurers remain firmly in position to handle the volume of claims in the aftermath of recent events, these heightened losses put a further spotlight on the growing risk of the peril around the world.

Continued focus on mitigation initiatives

The growth of exposure into known fire locations and the prospect of more weather and climate-driven effects will require continued focus on mitigation initiatives.

Cyclone Gaja

Meanwhile, Cyclone Gaja made landfall in southern India, causing widespread impacts across the states of Tamil Nadu and Kerala. The cyclone killed 46 people as damage was incurred to more than 117,500 homes. The overall economic impact was listed in excess of INR54 billion (USD775 million).

he states of Tamil Nadu and Kerala. The cyclone killed 46 people as damage was incurred to more than 117,500 homes. The overall economic impact was listed in excess of INR54 billion (USD775 million).

Two other notable tropical cyclones made landfalls in November, both in Vietnam. Tropical Depression Toraji killed 19 people as damage reached at least VND396 billion (USD17.2 million).

A weakened Typhoon Usagi brought record rainfall to the greater Ho Chi Minh metro area. Minimum economic damage was listed at VND347 billion (USD15 million).