Estimated financial losses from natural hazards amounted to $ 32 billion in the first quarter, of which $ 14 billion was insured, according to a report from Aon PLC on Thursday.
Asia-Pacific accounted for most of the first quarter’s economic losses, with more than $ 15 billion, followed by Europe with $ 7 billion and the United States with $ 6 billion.
This year was the sixth in a row with more than $ 10 billion in insured losses in the first quarter, Aon said.
Aon noted that “these amounts are expected to be revised upwards in the coming weeks and months due to the development of losses expected in the aftermath of major events.”
The quarter included some multi-billion dollar losses, according to the Aon report.
A magnitude 7.3 earthquake shook Japan̵7;s Fukushima prefecture on March 16 – along with several powerful aftershocks and a remarkable earthquake – and shook many prefectures across Japan. Preliminary estimates suggested a financial loss well into the billions, and insurance companies predicted losses approaching or exceeding $ 2.0 billion.
The European low-pressure system of 16-21 February led to the development of a sequence of wind gusts that various publicly available estimates suggest could result in significant industrial disbursements, with aggregate sums approaching € 4.0 billion ($ 4.3 billion).