February 2015 catastrophes
February 2015 catastrophe losses came about due to winter weather, floods, and storms. Two events that made large impacts were Cyclone Marcia in Australia and the Indonesian floods. Combined, the losses that they caused totaled more than $235 million.
Catastrophic events could give rise to higher claims for AIG (AIG), ACE (ACE), Allstate (ALL), Chubb (CB), and insurers held by the iShares US Financial ETF (IYF). This would result in reduced profitability for property and casualty insurance companies.
Winter weather caused losses around the world, including in the United States, Europe, and Asia. In the United States, heavy snow and freezing temperatures resulted in estimated insured losses exceeding $1 billion. Winter weather in the western, northern, and Mediterranean regions in Europe and Asia could also add further losses to insurers’ results.
Tropical storms in Madagascar and cyclonic storms in Australia caused severe economic losses. Cyclone Marcia alone caused losses worth $235 million.
Severe floods in Indonesia brought about losses in excess of $235 million. Flood damage also occurred in Turkey, Argentina, Africa, and the Balkan region in Europe.
In February 2015, there was only one instance of an earthquake. Losses in excess of $15 million occurred due to an earthquake in China on February 22. This event damaged over 3,000 homes.
In the next few articles, we will look at Aon Benfield’s catastrophe loss data for each continent.