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Hagibis tops October losses at $US10 billion, Aon says

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Total economic losses of more than $US10 billion ($14.51 billion) are expected in Japan after Typhoon Hagibis swept through the greater Tokyo metro region in October, killing 95 people and damaging or destroying more than 93,250 structures.

Insured losses will be in the billions of US dollars, Aon’s Global Catastrophe Recap for October says.

In Australia, economic and insured losses in the tens of millions of US dollars are likely after an active bushfire season in September and October saw numerous fires across parts of Queensland and NSW amid severe drought.

The fires destroyed dozens of structures and the Insurance Council of Australia declared separate insurance catastrophe events in each state.

“Vulnerabilities around tropical cyclones, flooding and wildfires were again exposed during October,” Steve Bowen, Director and Meteorologist within Aon’s Impact Forecasting team, said.

The “repetitive, or clustering, nature of certain perils on a year-to-year basis can often be hard to predict,” he added.

In the United States, total economic damage exceeding $US100 million ($145.09 million), mostly covered by insurance, was estimated after numerous fires raged across California from October 10-17. The most destructive included the Saddle Ridge Fire in Los Angeles County and Sandalwood Fire in Riverside County.

Further fires in California from October 23 into early November, including the Kincade blaze which prompted the largest evacuation on record in Sonoma County and a state of emergency, would produce total economic and insured losses into the hundreds of millions of US dollars, Aon says.

On October 20-21, nearly 30 tornado touchdowns, damaging winds and large hail was likely to result in economic and insured losses into the hundreds of millions of US dollars, if not higher. North Dallas and parts of Arkansas, Oklahoma, Missouri, Louisiana and Tennessee were affected.

In Portugal, the government estimated damage costs at €330 million euros ($530.36 million), primarily attributed to port infrastructure, after Hurricane Lorenzo, the easternmost Category 5 Atlantic hurricane on record, affected the Azores on October 2.

Africa was affected by widespread seasonal flooding throughout October, killing hundreds.

In Asia, a weakened Typhoon Mitag made landfall in Zhejiang Province on October 1 as a tropical storm, and a second landfall in South Korea on October 2. Total economic losses amounted to at least $US816 million ($1.18 billion), including $US553 million ($802.37 million) in South Korea and $US263 million ($381.6 million) in China.