Aon’s catastrophe report, which analyses natural disaster events that occurred worldwide throughout October, revealed that total economic losses in Japan are expected to exceed $10 billion, with insured losses minimally in the billions.
Typhoon Hagibis made landfall in Japan’s Iza Peninsula on 12 October before later sweeping through the greater Tokyo metro region.
Meanwhile, in the US extreme wildfire conditions marked by the seasonal return of Diablo and Santa Ana winds led to numerous fire ignitions across California from 10 to 17 October.
The total economic damage was expected to exceed $100 million, with most of the losses covered by insurance.
Elsewhere, a severe weather outbreak spawned nearly 30 tornado touchdowns, damaging winds, and large hail across the US Plains and Southeast on 20 and 21 October.
Most impacts were recorded in Texas, where a confirmed EF3 tornado with up to 140 mph winds struck several neighbourhoods in North Dallas.
Further tornado and storm-related impacts were cited in parts of Arkansas, Oklahoma, Missouri, Louisiana, and Tennessee. Economic and insured losses were likely to reach into the hundreds of millions of dollars, if not higher.
Steve Bowen, director and meteorologist within Aon’s impact forecasting team, said: “Vulnerabilities around tropical cyclones, flooding, and wildfires were again exposed during October.”
He explained: “Events such as Typhoon Hagibis in Japan and wildfires in California served as a reminder of the repetitive, or clustering, nature of certain perils on a year-to-year basis that can often be hard to predict.”
“With ample exposure located in high-risk locations all around the world, it becomes increasingly important to utilise the latest tools available to better prepare for future weather and climate-related scenarios in both mature and developing markets,” he added.