Trending...
- MainConcept Easy Video API Extends Full Transcoding to Arm and NETINT VPUs
- Black Women Living With, and Impacted by, HIV Express Gratitude, Grief, Joy, and Resilience
- New Online Board Game Sin of Angels Lets Outlaw Gangs Battle for LA Solo or With Friends
"When Natural Disasters and a Pandemic Collide" global annual report explores "connected extremes"
CHICAGO, Jan. 25, 2021 /PRNewswire/ -- Aon plc (NYSE: AON), a leading global professional services firm providing a broad range of risk, retirement and health solutions, today launches its global Weather, Climate & Catastrophe Insight: 2020 Annual Report. The report evaluates the impact of global natural disaster events to identify trends, manage volatility and enhance resilience.
The report reveals that the 416 natural catastrophe events of 2020 resulted in economic losses of USD268 billion – 8% above the average annual losses for this century – as costs continue to rise due to a changing climate, more people moving into hazard-prone areas and an increase in global wealth. Of this total, private sector and government-sponsored insurance programs covered USD97 billion, creating a protection gap of 64%, which is the portion of economic losses not covered by insurance. This highlights the importance of addressing the underserved by ensuring that there is increased access to affordable insurance products in the future.
"The global response to the socioeconomic volatility caused by the COVID-19 pandemic has increased focus on other systemic risks – particularly climate change – and is causing a fundamental reordering of business priorities. This report highlights the increasing likelihood of 'connected extremes' and reinforces that leading organizations of the future will be defined by their ability to manage the global implications of concurrent catastrophic events," said Greg Case, CEO of Aon. "In a highly volatile world, risk remains ever present, is more connected and, as a result, is also more severe – and 2020 has underscored this reality. It has also emphasized the need for enhanced collaboration between the public and private sectors, which will be essential to close the rising protection gap and build resilience against natural catastrophes."
During the year, more than 8,000 people lost their lives due to natural catastrophes. Tropical cyclone was the costliest peril, causing more than USD78 billion in direct economic damage. It was closely followed by flooding (USD76 billion) and severe convective storm (USD63 billion). From a climate perspective, NOAA cited 2020 as the world's second-warmest since 1880 for land and ocean temperatures at +0.98°C (+1.76°F) above the 20th-century average.
More on illi News
Steve Bowen, Director and Meteorologist for Aon's Impact Forecasting team, commented: "The world continues to evolve as it is faced with new challenges around natural perils. While many private and public sector entities primarily focus on physical and human hazard risks, an increasing number of global regulative bodies are further pivoting towards how to handle emerging transitional and subsequent reputational risks. This is especially true as the financial and humanitarian risks surrounding climate-enhanced events become more evident on a daily basis. Focus at the corporate and federal levels will be critical around investments in risk mitigation, resilience, and sustainability as the landscape around climate change solutions continues to accelerate with renewed urgency.
Significant regional events during 2020 included:
The full report and a short film are available on Aon's interactive microsite at https://aon.io/3nsM7cu. To access current and historical natural catastrophe data, as well as event analysis, please visit catastropheinsight.aon.com.
About Aon
Aon plc (NYSE: AON) is a leading global professional services firm providing a broad range of risk, retirement and health solutions. Our 50,000 colleagues in 120 countries empower results for clients by using proprietary data and analytics to deliver insights that reduce volatility and improve performance.
Follow Aon on Twitter and LinkedIn
Stay up to date by visiting the Aon Newsroom and hear from Aon's expert advisors in The One Brief
Sign up for News Alerts here
Media Contacts
Alexandra Lewis
+44 (0) 207 086 0541
[email protected]
Andrew Wragg
+44 (0)207 522 8183
[email protected]
SOURCE Aon plc
Related Links
http://www.aon.com
CHICAGO, Jan. 25, 2021 /PRNewswire/ -- Aon plc (NYSE: AON), a leading global professional services firm providing a broad range of risk, retirement and health solutions, today launches its global Weather, Climate & Catastrophe Insight: 2020 Annual Report. The report evaluates the impact of global natural disaster events to identify trends, manage volatility and enhance resilience.
The report reveals that the 416 natural catastrophe events of 2020 resulted in economic losses of USD268 billion – 8% above the average annual losses for this century – as costs continue to rise due to a changing climate, more people moving into hazard-prone areas and an increase in global wealth. Of this total, private sector and government-sponsored insurance programs covered USD97 billion, creating a protection gap of 64%, which is the portion of economic losses not covered by insurance. This highlights the importance of addressing the underserved by ensuring that there is increased access to affordable insurance products in the future.
"The global response to the socioeconomic volatility caused by the COVID-19 pandemic has increased focus on other systemic risks – particularly climate change – and is causing a fundamental reordering of business priorities. This report highlights the increasing likelihood of 'connected extremes' and reinforces that leading organizations of the future will be defined by their ability to manage the global implications of concurrent catastrophic events," said Greg Case, CEO of Aon. "In a highly volatile world, risk remains ever present, is more connected and, as a result, is also more severe – and 2020 has underscored this reality. It has also emphasized the need for enhanced collaboration between the public and private sectors, which will be essential to close the rising protection gap and build resilience against natural catastrophes."
During the year, more than 8,000 people lost their lives due to natural catastrophes. Tropical cyclone was the costliest peril, causing more than USD78 billion in direct economic damage. It was closely followed by flooding (USD76 billion) and severe convective storm (USD63 billion). From a climate perspective, NOAA cited 2020 as the world's second-warmest since 1880 for land and ocean temperatures at +0.98°C (+1.76°F) above the 20th-century average.
More on illi News
- Kerri Lawless Introduces New Home-Selling Option for Local Homeowners
- FDA-Cleared Zeta TMS Robotic System Moves Toward Deployment as FDA, DARPA and Commercial Catalysts Converge: NRx Pharmaceuticals (N A S D A Q: NRXP)
- Baird Medical Turns Global Expansion Into Tangible Growth: N A S D A Q: BDMD Posts 25% Revenue Surge as U.S. and International Markets Accelerate
- Chicago: Mayor Brandon Johnson, Ald. David More, and DPD Celebrate Re-opening of the Mat Laundromat in Englewood
- Chicago: Mayor Brandon Johnson Cuts Ribbon on Austin United Alliance Apartments, Bringing 78 Mixed-Income Homes to Austin's Soul City Corridor
Steve Bowen, Director and Meteorologist for Aon's Impact Forecasting team, commented: "The world continues to evolve as it is faced with new challenges around natural perils. While many private and public sector entities primarily focus on physical and human hazard risks, an increasing number of global regulative bodies are further pivoting towards how to handle emerging transitional and subsequent reputational risks. This is especially true as the financial and humanitarian risks surrounding climate-enhanced events become more evident on a daily basis. Focus at the corporate and federal levels will be critical around investments in risk mitigation, resilience, and sustainability as the landscape around climate change solutions continues to accelerate with renewed urgency.
Significant regional events during 2020 included:
- Costliest year on record for global severe convective storms led by historic U.S. derecho
- U.S. mainland endured a record-breaking 12 named storm landfalls, including six hurricanes
- Super Typhoon Goni struck the Philippines as the strongest landfalling storm ever recorded globally at 195 mph
- Ciara became Europe's costliest windstorm since Xynthia in 2010
- Drought conditions reduced agricultural crop yields in Brazil and Argentina, burning 30% of the Pantanal Region
- The most widespread Yangtze River Basin floods since 1998 caused USD35 billion of economic damage in China's monsoon season
Exhibit 1: Top 10 Global Economic Loss Events1,2 | |||||
| Date(s) | Event | Location | Deaths | Economic Loss (USD billion) | Insured Loss (USD billion) |
| June - September | Seasonal Floods | China | 280 | 35.0 | 2.0 |
| August 21 - 29 | Hurricane Laura | U.S., Caribbean | 68 | 18.2 | 10.0 |
| May 15 - 21 | Cyclone Amphan | South Asia | 133 | 15.0 | 0.5 |
| August 8 - 12 | SCS (incl. Midwest Derecho) | United States | 4 | 12.6 | 8.3 |
| July 3 - 15 | Kyushu Floods | Japan | 82 | 8.5 | 2.0 |
| November 2 - 13 | Hurricane Eta | Caribbean, U.S. | 309 | 8.3 | 0.7 |
| June - September | Seasonal Floods | India | 1,922 | 7.5 | 0.8 |
| September 14 - 18 | Hurricane Sally | United States | 0 | 7.0 | 3.5 |
| March 22 | Zagreb Earthquake | Croatia | 2 | 6.1 | 0.1 |
| July 30 - August 5 | Hurricane Isaias | U.S., Caribbean, Canada | 18 | 5.0 | 2.7 |
More on illi News
All other events | 145 billion | 66 billion | |||
TOTAL | 268 billion | 97 billion | |||
| 1 | Subject to change as loss estimates are further developed | ||||
| 2 | Includes losses sustained by private insurers and government-sponsored programs | ||||
The full report and a short film are available on Aon's interactive microsite at https://aon.io/3nsM7cu. To access current and historical natural catastrophe data, as well as event analysis, please visit catastropheinsight.aon.com.
About Aon
Aon plc (NYSE: AON) is a leading global professional services firm providing a broad range of risk, retirement and health solutions. Our 50,000 colleagues in 120 countries empower results for clients by using proprietary data and analytics to deliver insights that reduce volatility and improve performance.
Follow Aon on Twitter and LinkedIn
Stay up to date by visiting the Aon Newsroom and hear from Aon's expert advisors in The One Brief
Sign up for News Alerts here
Media Contacts
Alexandra Lewis
+44 (0) 207 086 0541
[email protected]
Andrew Wragg
+44 (0)207 522 8183
[email protected]
SOURCE Aon plc
Related Links
http://www.aon.com
Filed Under: Business
0 Comments
Latest on illi News
- Naperville: Police Investigate Report of Gunshots
- Aerostratospheric Adds xAirship and Other Shop Test Units to Its xPrototypes Bench
- Firebox Encapsulator Introduces a New Approach to Fireplace Restoration
- Merlin's Pet Therapy Wrap Introduces a Versatile Approach to Hot and Cold Therapy for Dogs
- Heritage at Manalapan Welcomes New Sales Team as Luxury Single-Family Home Community Continues to Grow
- Patented NogginLOC Technology Offers an Innovative Approach to Helmet Fastening
- Mandeville Pests May Pose Serious Health Risks for Your Family
- City of Chicago Partners With Chicago River Swim to Re-Launch "The Big Jump," Expand Field to 750 Swimmers
- Mayor Brandon Johnson and Chicago Public Schools Extend Chicago Connected Program for 2026–27 School Year
- Hardwood Flooring vs Carpet Comparison: Premier Custom Hardwood Flooring Releases Ultimate Buyer's Guide
- The Kryder Law Group, LLC Recovers $1,350,000 in Two Motorcycle Accident Settlements
- Share your workplace safety solutions at 2027 Applied Ergonomics Conference
- Parents No Longer Have to Wait 3 Weeks for a Sleep Consultant: Nora Talks Tonight, Stays for 5 Days, Costs $89
- May The Worst Team Win! Loserball Kicks Off Another NFL Season of Hilarious Mayhem
- Inkdnylon Expands Into Large-Volume Apparel, Uniform and Branded Merchandise Procurement
- Black Women Living With, and Impacted by, HIV Express Gratitude, Grief, Joy, and Resilience
- MainConcept Easy Video API Extends Full Transcoding to Arm and NETINT VPUs
- Aerostratospheric Announces xSatellite Flight Layer And September 12 x1Albatross Engineering Test
- Indie Author & Publishing News Website Launches!
- Cruxy shortlisted for two Private Equity Wire® US Awards 2026: Advisory Firm of the Year (Overall) & Value Creation Consulting Firm of the Year