Southwest Asia, UAE storms & floods to drive hundreds of millions in losses: Aon

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Heavy rainfall, storms, and widespread flooding hit Southwestern Asia, notably the United Arab Emirates (UAE), between April 8-17, causing significant economic and insured losses estimated to potentially reach into the hundreds of millions of USD, according to Aon’s weekly cat report.

dubai-floods

Reuters

The UAE’s National Center for Meteorology recorded a record-breaking 24-hour rainfall of 254.8 mm (10.03 inches) at the Khatam Al Shaklah station.

Dubai was severely affected by heavy rainfall on April 15-16, receiving 142 mm (5.59 inches) in just one day – equivalent to a year’s worth of rain and the heaviest downpour since records began in 1949.

The Dubai International Airport was completely flooded, leading to over 1,200 cancelled flights and multiple aircraft submerged in floodwater, potentially resulting in significant material losses. Dubai’s transportation services suffered, with numerous cars, homes, and malls inundated in the city centre.

Additionally, power outages and water shortages were reported in many parts of the country.

Heavy rainfall also triggered deadly flash flooding across northern Oman between April 14-16, as well as in Afghanistan and Pakistan.

Moreover, thunderstorms, heavy rainfall, and flash flooding affected other countries in the region, including Saudi Arabia, Qatar, Iran, Bahrain, Kuwait, and Yemen.

The severe weather event has resulted in at least 166 fatalities, hundreds of injuries, and significant damage to thousands of buildings, local infrastructure, and agriculture.

Aon states, “Given the ongoing damage assessment and the notable damage caused over a large area, it is still too early to determine the estimated economic impact across the affected region.”

“However, initial assessments from the area suggest a significant impact on property, infrastructure, and agriculture that will likely run to at least hundreds of millions of USD. Insured losses will be notably lower due to relatively low insurance penetration,” the report concludes.

The post Southwest Asia, UAE storms & floods to drive hundreds of millions in losses: Aon appeared first on ReinsuranceNe.ws.

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