The difference in insurance penetration between the developed and developing world was fully illustrated in August, as the first hurricane striking the U.S. Gulf Coast since 2008 is expected to cost insurers more than two major typhoons that struck China, according to a report from Aon Benfield.
The reinsurance broker's catastrophe modeler, Impact Forecasting, released its August Global Catastrophe Recap report summarizing cat events for the month.
There were seven tropical cyclone events causing significant damage, the report says.
Hurricane Isaac, which mostly impacted New Orleans and parts of Mississippi, struck the region as a Category 1 storm on Aug. 28 and 29, making landfall twice. The report says the storm claimed a total of 41 lives—seven in the United States and the rest throughout the Caribbean.
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