Bush fires, earthquakes, typhoons caused record economic damage in the last decade, Aon report says
- Events including Typhoon Haiyan, the 2010 Haiti earthquake and the recent bush fires in Australia caused record economic damage, said insurance broker Aon
- Report warns of larger and costlier events in the future due to migration and the effects of climate change
From tropical cyclones to earthquakes, the last decade was the most expensive on record for natural disasters, according to a new report, a trend set to continue amid increased global migration and climate change.
Natural disasters caused economic damage of US$2.98 trillion globally between 2010 and 2019, some US$1.19 trillion higher than the previous decade, said insurance broker Aon.
The new analysis showed that tropical cyclones have been the most costly since 2000, followed by flooding and earthquakes.
“Perhaps the biggest takeaway from the last decade of natural disasters was the emergence of previously considered ‘secondary’ perils – such as wildfire, flood, and drought – becoming much more costly and impactful,” said Steve Bowen, director and meteorologist at Aon’s impact forecasting team.
Scientific research indicates that climate change will continue to affect all types of weather phenomena and subsequently impact increasingly urbanised areas
“Scientific research indicates that climate change will continue to affect all types of weather phenomena and subsequently impact increasingly urbanised areas.”
