While Hudhud caused $11 billion worth of damages, the flooding in the Indian and Pakistani portions of Kashmir was worth $18 billion
.jpg "A coastal temple inundated by floods caused by Cyclone Hudhud (Image Courtesy: Down To Earth)")
The floods in Jammu and Kashmir and Cyclone Hudhud in Peninsular India were the costliest natural disasters of 2014, a new report has said.
According to the ‘Annual Global Climate and Catastrophe Report’ by leading global reinsurance intermediary and full-service capital advisor, Aon Benfield, while Hudhud caused $11 billion worth of damages, the flooding in Indian and Pakistani portions of Kashmir was worth $18 billion.
The report noted that a total of 258 global natural disasters in 2014 caused economic losses of $132 billion. Besides the Kashmir floods and Hudhud, other notable events during the year included major flooding in China, and Southeast Europe; billion-dollar convective thunderstorm events in the United States, France, and Germany; winter storms in Japan and the United States; and widespread drought in the United States and Brazil, the report said.
The report also noted that the top three perils, flood, tropical cyclone, and severe weather, combined for 72 per cent of all economic losses in 2014.
Despite 75 percent of catastrophe losses occurring outside of the United States, it still accounted for 53 per cent of global insured losses, driven by a higher insurance penetration.
2014 annual global climate and catastrophe report: impact forecasting
We are a voice to you; you have been a support to us. Together we build journalism that is independent, credible and fearless. You can further help us by making a donation. This will mean a lot for our ability to bring you news, perspectives and analysis from the ground so that we can make change together.
.png)
Comments are moderated and will be published only after the site moderator’s approval. Please use a genuine email ID and provide your name. Selected comments may also be used in the ‘Letters’ section of the Down To Earth print edition.