Report: AON October 2016 Global Catastrophe Recap

by
Aon Benfield

Hurricane Matthew leaves extensive Caribbean and US damage; USD 15+ billion economic cost.

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Hurricane Matthew brought considerable impacts to portions of the Southeast and Mid-Atlantic, including impacts resulting from riverine flooding in North Carolina that were felt for several weeks. The official death toll was 49, including 28 in North Carolina alone. Matthew caused major wind, storm surge, flash flood, and isolated tornado damage in several states including Florida, Georgia, South Carolina, North Carolina, and Virginia. The considerable damage occurred despite the storm only making its only US landfall as a minimum Category 1 storm in South Carolina. Total economic losses in the United States were anticipated to range up to a high of USD 10 billion. Public and private insurance losses were considerably less, with preliminary estimates possibly as high as USD 5.0 billion. A large portion of the inland flood loss in North Carolina went uninsured due to low NFIP take-up. Matthew also brought devastating impacts to portions of the Caribbean and the Bahamas. The official death toll reached 552: 546 of who were in Haiti, though unofficial totals were as high as 1,600. Matthew caused economic damage of more than USD 5.0 billion outside of the US: Cuba (USD 2.6 billion), Haiti (USD 1.9 billion), and the Bahamas (USD 600 million).