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Floods in Europe tops November catastrophes list

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European flooding and inland storms led to economic losses estimated at €1.7 billion ($2.7 billion), Aon’s Impact Forecasting says in a November catastrophes recap.

Italy suffered the majority of losses, which included flooding of Venice by the second-highest tide since 1923.

“Despite a costly November resulting from major flooding events in the UK, France, Italy and Austria, European insurers have generally endured manageable losses thus far in 2019,” Catastrophe Analyst Michal Lorinc said.

Excessive rainfall and flooding was also experienced in East Africa, leading to significant humanitarian impacts.

“The issue of financial maturity remains an important topic in different parts of the world,” Mr Lorinc said.

“The insurance industry is expected to play an even more integral role in helping to introduce sustainable and tailored products and solutions to further promote resilience and preparedness.”

The November report highlights insured losses from bushfires and hail in Australia, which by November 22 had reached a combined $285 million.

At least three early season winter storms swept across most of the US during the month, with total insured losses expected to top $US100 million ($146 million). Economic losses from storms in Canada were estimated at up to $C365 million ($402 million).

A strong earthquake struck Albania on November 26, causing 51 fatalities. At least 1180 structures collapsed and nearly 10,000 sustained damage.

Worsening drought across South Africa affected at least 150,000 farms and direct economic costs associated with the dry conditions neared 2 billion rand ($200 million).