Late Indian season monsoon floods cause $10 bn in economic losses:Aon
However, given the low levels of residents and commercial assets with insurance policies in the region, only a small fraction of this total will be covered by insurance payouts, said Aon's weekly Cat Report.
The late season monsoon floods in certain parts of India brought additional damage and impact to the country, which has officially recorded more than 1,700 fatalities since the start of monsoon season in June and caused upwards of USD10 billion in economic costs, said Aon’s weekly cat report.
The total economic cost to property, businesses, vehicles, infrastructure, and agriculture since June 1 was estimated at upwards of USD10 billion.
However, given the low levels of residents and commercial assets with insurance policies in the region, only a small fraction of this total will be covered by insurance payouts, said the report.
Late monsoon rain triggers fresh wave of flooding in India Rainfall associated with the Indian Summer Monsoon triggered flooding in northern India from September 26 – October 3.
At least 144 people died in the hardest-hit states of Uttar Pradesh and Bihar. Notable flooding was reported in Patna, the state capital of Bihar.
A trough of low pressure extending from the south of Maharashtra in western India to southeastern Uttar Pradesh in the north brought additional heavy rainfall to northwest India, including the states of Maharashtra and Uttar Pradesh, from September 26-28. A new trough would quickly replace the old one, which extended across northern India, and led to even further heavy rains in the states of Uttar Pradesh, Bihar, and Jharkhand from September 28-30.
On September 27 alone, the average rainfall in Uttar Pradesh was 1,700 percent higher than normal. Prayagraj received 102.2 millimeters (4.0 inches) of rainfall in 24 hours ending September 28. Multiple regions in the state of Bihar in the Ganga Basin recorded rains that exceeded the daily norm by more than 1,000 percent on September 29.
Some 24-hour rainfall totals included 290 millimeters (11.4 inches) at Rosera and 270 millimeters (10.6 inches) at Koilwar and Bihpur. The India Meteorological Department (IMD) reported that 2019 marked the wettest monsoon season in India in 25 years. However, 154 out of 678 districts in the country were actually declared “rainfall deficient”.
Most of these dry districts were located in India’s north, east, and northeast. Event Details Heavy rainfall in Uttar Pradesh triggered widespread flooding and caused multiple rivers in the state to approach or exceed danger levels.
The floods cut off roads and railway lines, disrupted power and communication services, and damaged or destroyed hundreds of homes. Some 580,000 people were affected by the floods and 48,000 evacuated.
More than 100 people died in the state between September 26 and October 3, and nearly 3,000 required emergency rescues. In Bihar, the floods affected nearly 1.6 million people as five rivers, including the Ganges and Kosi, crossed into flood stage. Patna, the state capital of Bihar, was one of the hardest-hit areas during the latest flood event.
Across the state, dozens of people were killed. Damage reports were cited at several health care facilities, businesses, and public infrastructure. Significant damage was also been reported to homes throughout the state. The floods are adding further damage and human casualty impacts to an already deadly and expensive monsoon season in India.
According to official statistics from regional and federal government agencies, more than 1,700 people are now reported dead due to monsoon-related incidents.