Global economic losses from drought to top US$8b: report
[LONDON] Global economic losses from drought are likely to reach more than US$8 billion in the next few months as the El Nino weather pattern intensifies, reinsurance broker Aon Benfield said on Thursday.
Total economic losses from drought in the United States are likely to reach at least US$3 billion, mainly due to agricultural damage in California, Aon Benfield said in its monthly catastrophe report.
"As we continue to see the prospect of El Nino becoming one of the strongest in decades, more and more impacts will be apparent around the world," Steve Bowen, associate director of Aon Benfield's catastrophe modelling team and meteorologist, said in a statement.
The current El Nino weather phenomenon is expected to peak between October and January and could turn into one of the strongest on record, experts from the World Meteorological Organisation said this week.
REUTERS
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
South Korea’s public finances no longer a credit rating ‘strength’: Fitch
UK consumer confidence improves as inflation and taxes fall
Inflation in Japan’s capital falls below BOJ target, slows for second month
China firms are investing abroad at fastest pace in eight years
Sri Lanka’s economy expected to grow 3% in 2024, central bank says
Yellen says US can bring inflation down without hurting jobs