Chennai flood losses estimated at Rs 20,034 crore to the India's economy, says Aon Benfield report

The floods in Chennai are the eight-most expensive natural disaster in the world during the year, according to Aon Benfield, UK reinsurance broker said. The floods that hit Chennai in November and early December will cost India's economy an estimated $3 billion (Rs 20,034 crore) in losses said the report.

The wildfires that hit Indonesia in January costed the country the highest, with losses that amounted to $14 billion (Rs 93,492 crore) in a Wall Street Journal (WSJ) report. It was followed by the earthquake that hit Nepal the most apart from India, Bangladesh and China that amounted to losses of $8 billion (Rs 53,424 crore).

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The Aon Benfield report in its monthly report on global catastrophy said that estimated nearly 400 people died in the rainfall that hit the southern cost of India and part of Sri Lanka during the two months. It also reported that more than 100,000 structures were damaged as a result of the floods in both the countries.

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Aon Benfield had also added that India's state insurer, General Insurance Corporation, had expected claims of around $300 million (approximately Rs 2,010 crore).

The Chennai flood is considered to be the most expensive floods in 2015. It resulted in the shut down of several schools, factories and offices said the report.

The flood that hit China in June was the second most devastating floods, which costed its economy an estimated $2 billion (Rs 13,356 crore). The floods in the southeast of US in October amounted to the same loss.