Hermine, Meranti and other tropical cyclones cost economy over $4bn
Tropical cyclones in September have cost the global economy over $4 billion dollars, according to Impact Forecasting’s Global Catastrophe Recap report.
Hurricane Hermine, which came ashore at a Category 1 strength storm near St Marks in Florida, was the first Hurricane to make landfall in the state in over a decade – since Wilma in 2005.
The hurricane brought torrential rain and storm surge flooding to the region, and caused widespread damage and hundreds of thousands of power outages in the states of Florida, Georgia and the Carolinas.
The total economic losses from Hermine are estimated at above $800 million, while public and private insurers anticipated insured losses of around $400 million.
Adam Podlaha, global head of Impact Forecasting at Aon Benfield, said: “After more than a decade without a landfalling hurricane, Hermine has highlighted the potential risks faced by the state of Florida.
“The past 11 years have been unusually inactive for the state, but it was a matter of time before it was faced with a landfalling event given the state’s longer-term historical trends.
“With the general increase in coastal populations, event preparedness is paramount, and in this regard the insurance industry and catastrophe modellers are well positioned to help residents understand their exposures.”
In Asia, a weakened Super Typhoon Meranti had made landfall in China’s Fujian Province after affecting southern Taiwan and the north Philippines province of Batanes.
More than 70,000 homes and vast cropland were either damaged or destroyed.
The total economic losses from Meranti were $2.4 billion, with $2.3 billion of this figure reported in China.
Other notable tropical cyclones during September included Typhoon Megi costing $940 million, Typhoon Malakas costing $100 million, and Hurricane Newton costing $10 million.
