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Sunburn — The morning read of what s hot in Florida politics — 3 11 21
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Moore to join Lockton Re
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Lockton Re hires Thomas Parcell
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Downtime with a Dynamic Recovery Strategy Dan Perrin, Solutions Director, Workplace Recovery, Regus
Dan Perrin, Solutions Director, Workplace Recovery, Regus
If recent history is a gauge it would appear there are a growing number of extreme natural disasters wreaking havoc on the global economy. In a report prepared by London-based global reinsurance firm Aon Benfield, Hurricane Sandy resulted in 65 billion dollar in economic losses. Look to the earthquake and tsunami in Japan as a proof point of how a disaster can impact the delicate global supply chain. Each year the Philippines are impacted by 20 plus typhoons.
According to the Insurance Institute for Business and Home Safety, approximately 25 percent of small businesses fail to reopen after a major disaster. Consider that Hurricane Sandy affected more than one million businesses; it is plausible thousands of companies did not re-open. Having a dynamic recovery strategy could have made the difference in keeping
© Josiah Pugh
National Guard troops respond in the aftermath of Hurricane Laura in Lake Charles, Louisiana. Laura was Earth’s most expensive tropical cyclone of 2020, with $18.2 billion in damage.
Earth was besieged by a record 50 billion-dollar weather disasters in 2020, the most such disasters ever recorded after adjusting for inflation, said insurance broker Aon (formerly called Aon Benfield) in its annual report issued January 25.
The previous record was 46 billion-dollar weather disasters, set in 2010 and 2011. The annual average of billion-dollar weather disasters since records began in 1990 is 29.
The combined economic losses (insured and uninsured) from all 416 weather and earthquake disasters cataloged by Aon in 2020 was $268 billion (2020 USD). Most of the 2020 total, by far, came from weather-related disasters ($258 billion), 29% above the 2001-2020 inflation-adjusted average. Those numbers make 2020 the fifth costliest year on record for weather-related disasters.