Chicago, U.S.A - Aon Benfield, the global reinsurance intermediary and capital advisor of Aon plc, has released the latest edition of its Global Catastrophe Recap report, which reviews the natural disaster perils that occurred worldwide during May.

Published by Impact Forecasting, the firm’s catastrophe model development center of excellence, the report reveals that two earthquakes and subsequent aftershocks struck northern Italy within a nine-day period, killing 25 people, injuring more than 400 others and causing extensive damage to the cultural heritage throughout the Emilia-Romagna region of Italy, in addition to businesses and personal property.

An initial, combined economic loss estimate from both tremors stood at EUR5 billion (USD6.25 billion), following significant damage in the provinces of Modena, Ferrara, Reggio Emilia, Rovigo and Mantua.

In Asia, severe and prolonged periods of rain impacted China throughout the month, affecting at least 22 provinces and killing at least 102 people.

According to China’s Ministry of Civil Affairs (MCA), at least 143,000 homes were damaged or destroyed during one prolonged event. More than 949,400 hectares (2.34 million acres) of cropland were also affected, contributing to a total economic loss listed at CNY16.88 billion (USD2.68 billion).

Meanwhile, powerful thunderstorms struck eastern Japan, resulting in high winds and tornadoes that killed at least three people, injured 59 others, and damaged more than 1,845 buildings in six separate prefectures.

Steve Jakubowski, President of Impact Forecasting, said: “The Italian earthquakes resulted in the largest natural disaster loss for the country since the L’Aquila earthquake event in 2009. The seismic activity was not unexpected, as Italy has long been recognised as a region exposed to the possibility of significant earthquake activity. Given the level of insurance coverage in the region, it is anticipated that insured losses would reach minimally into the hundreds of millions of dollars (USD). However, it remains too early to determine how negligible re/insurance losses may be from this event.”

In the United States, two periods of severe weather impacted central and eastern sections of the country; the first causing widespread hail and wind damage from the Dakotas to Maryland, resulting in an economic loss estimated at USD275 million, and more than 30,000 insurance claims valued atUSD150 million. A secondary severe weather outbreak across the central and eastern U.S. at the end of the month spawned significant damage as well. According to a preliminary report from the South-western Insurance Information Service, insured losses in Oklahoma alone were estimated at USD400 million.

Tropical Storm Beryl made landfall near Jacksonville Beach, Florida at peak intensity with 70 mph (110 kph) winds but did not cause any significant damage, injuries or fatalities.

And wildfires burned in several U.S. states during the month, including the largest fire ever recorded in New Mexico.

Excessive rainfall affected areas of the Canadian provinces of Ontario and Quebec in May. In Thunder Bay, at least 1,100 homes were damaged as well as businesses and infrastructure, and flood damage with a 100-year return period was recorded in Montreal, where personal property and infrastructure were widely affected.

Additional flood events were recorded in Nepal, Afghanistan, Indonesia, Nicaragua, Cuba, Georgia, Brazil and Venezuela.

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A deadly earthquake hit northern Italy on Tuesday, May 29,  just nine days after the 6.0-magnitude earthquake killed seven and left thousands of residents living in tents, cars and shelters.

The 5.8 magnitude earthquake that shook up the Emilia Romagna region Tuesday morning killed 17 and injured 200 others. The quake and dozens of aftershocks that went on throughout the night caused the amount of homeless residents to rise from 6,000 to 14,000. Churches, historic buildings and homes were affected by the earthquake, while most modern structured buildings were not damaged.

Several factory deaths added to the death toll. This brings rise to the question: why couldn’t the factories withstand the earthquake as most modern buildings in the area were able to? Investigators are set to examine how the factories were built and why they couldn’t stand up against an earthquake of Tuesday morning’s magnitude. ‘They should have remained standing, as they were modern buildings,’ Vito Zincani, Modena’s chief prosecutor, told CNN.

Rescue workers called off the search after pulling the last of the 17 bodies from the rubble that was left of the Haematronic factory in the town of Medolla, the same factory where three others were found dead from the quake on Tuesday.

At a meeting held Wednesday, May 30, Italian ministers have decided on several measures including declaring a state of emergency, and determining that June 4 will be a day of mourning. To try to reboot the economy, the government is suspending taxes in the areas affected and lowering interest rates on loans from now through the end of September. According to the press release declaring the state of emergency from the government, the cost of reconstruction will also be partly funded by a fuel cost increase. The fuel cost will be increased immediately by 0.02 EUR per liter.

“Reconstruction will begin quickly and will be done well,” said Vasco Errani, the head of the Emilia Romagna region.

After the first quake, Culture Minister Lorenzo Ornaghi said it was too early to give a full assessment of the damage, but a list of sites affected in the Emilia Romagna region is being drawn up. The cultural cost was “considerable.” But soon after the second one on Tuesday, insurers say the two quakes are totaling an estimated cost between 100 million and 700 million EUR to cover the damages.

The government has hopes that everyone will see the state of emergency for national funding at this time and is looking to be sure the Italian economy in the affected area returns to normal as soon as possible.

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