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The calm before the storm


We recently reported that 2011, with the increase of natural catastrophes, could be the costliest year for Insurers.  September 2011 alone brought with it hurricanes, earthquakes and very recently, reports of typhoon Roke in Japan.

Whilst the typhoon did not stay in Japan for long, it still managed to cause chaos with more than 200 domestic flights cancelled, and at least 200,000 households in central Japan experiencing a lack of electricity on the first evening of its appearance.

As ever, the risk sector will be on hand to help Japan recover, and it has been reported that reinsurance losses could be between $150mn and $600mn.  Further figures will emerge as Insurers calculate the damage. 

Whilst helping people recover from risk is a huge part of the sector, so is the avoidance of risk. Earlier this year, Aon Benfield entered a partnership with Shanghai Typhoon Institute of China Meteorological Administration to enhance the research surrounding typhoons.  This research will provide China with a database that will establish a consistent risk view of typhoon hazard and likely loss.

The partnership focuses on two initial projects: seasonal typhoon forecasting and real time typhoon tracking and mapping through ImpactOnDemand, Aon Benfield's exposure management tool. Helen Ye, executive director and head of Catastrophe Reinsurance at Aon Benfield in China, said: "In light of the fast developing insurance market in China, the collaboration with Shanghai Typhoon Institute will help the industry to both better understand typhoon risks in China and guide the development of risk transfer solutions."

Aon Benfield is the world's leading reinsurance intermediary and you can find out more about what they do here.

 


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