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Headline : Asia records $10bn economic loss due to flooding ,Aon catastrophe report
News Date : Aug 08, 2017
Source : AIP News Bureau
greatest impacts were recorded in China, where nearly 200 people were left dead


The report reveals that relentless seasonal flooding that began in mid-June resulted in continued fatalities and damage across parts of Asia during the month. 

The greatest impacts were recorded in China, where nearly 200 people were left dead or missing and hundreds of thousands of homes were damaged or destroyed. 

The Ministry of Civil Affairs listed combined economic flood damage at more than USD10 billion during a six-week stretch, much of which occurred in the Yangtze River Basin.


Claire Darbinyan, Impact Forecasting Associate Director and Meteorologist said: "There was no shortage of global natural disasters during July, though the vast majority were reported in Asia where enhanced seasonal monsoon rainfall over Chinaand throughout South Asia led to significant flooding that caused considerable loss of life, and billions of dollars of damage to property and agriculture.''. 

In addition, three tropical cyclones in the region enhanced the monsoonal flow to trigger further flooding in multiple countries.Given low levels of insurance penetration in the region, the majority of these losses are expected to be uninsured, highlighting the considerable protection gap and the potential for re/insurers to further offer their specialist risk management skills, he said.






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