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$268b Losses From Natural Disasters Recorded In 2020, With 64% Uninsured

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Aon plc has launched its global Weather, Climate & Catastrophe Insight: 2020 Annual Report. The report evaluates the impact of global natural disaster events to identify trends, manage volatility and enhance resilience.  

The report reveals that the 416 natural catastrophe events of 2020 resulted in economic losses of USD268 billion – 8% above the average annual losses for this century – as costs continue to rise due to a changing climate, more people moving into hazard-prone areas and an increase in global wealth. Of this total, private sector and government-sponsored insurance programmrs covered USD97 billion, creating a protection gap of 64%, which is the portion of economic losses not covered by insurance. This highlights the importance of addressing the underserved by ensuring that there is increased access to affordable insurance products in the future.

“The global response to the socioeconomic volatility caused by the COVID-19 pandemic has increased focus on other systemic risks – particularly climate change – and is causing a fundamental reordering of business priorities. This report highlights the increasing likelihood of ‘connected extremes’ and reinforces that leading organisations of the future will be defined by their ability to manage the global implications of concurrent catastrophic events,” said Greg Case, CEO of Aon. “In a highly volatile world, risk remains ever present, is more connected and, as a result, is also more severe – and 2020 has underscored this reality. It has also emphasized the need for enhanced collaboration between the public and private sectors, which will be essential to close the rising protection gap and build resilience against natural catastrophes.”

During the year, more than 8,000 people lost their lives due to natural catastrophes. Tropical cyclone was the costliest peril, causing more than USD78 billion in direct economic damage. It was closely followed by flooding (USD76 billion) and severe convective storm (USD63 billion). From a climate perspective, NOAA cited 2020 as the world’s second-warmest since 1880 for land and ocean temperatures at +0.98°C (+1.76°F) above the 20th-century average.

Steve Bowen, Director and Meteorologist for Aon’s Impact Forecasting team, commented: “The world continues to evolve as it is faced with new challenges around natural perils. While many private and public sector entities primarily focus on physical and human hazard risks, an increasing number of global regulative bodies are further pivoting towards how to handle emerging transitional and subsequent reputational risks. This is especially true as the financial and humanitarian risks surrounding climate-enhanced events become more evident on a daily basis. Focus at the corporate and federal levels will be critical around investments in risk mitigation, resilience, and sustainability as the landscape around climate change solutions continues to accelerate with renewed urgency.

Significant regional events during 2020 included:

  • Costliest year on record for global severe convective storms led by historic U.S. derecho
  • U.S. mainland endured a record-breaking 12 named storm landfalls, including six hurricanes
  • Super Typhoon Goni struck the Philippinesas the strongest landfalling storm ever recorded globally at 195 mph
  • Ciara became Europe’s costliest windstorm since Xynthia in 2010
  • Drought conditions reduced agricultural crop yields in Brazil and Argentina, burning 30% of the Pantanal Region

The most widespread Yangtze River Basin floods since 1998 caused USD35 billion of economic damage in China’s monsoon season.

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Minister Affirms Nigeria Air Will Take Off April 2022

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Nigeria’s national carrier, Nigeria Air, will take off by April 2022, Hadi Sirika, minister of aviation, said on Wednesday.

The minister announced the take-off date while briefing state house correspondents after the federal executive council (FEC) meeting at the presidential villa, Abuja.

He said the national carrier will be run by a company in which the Nigerian government will hold a five percent stake while Nigerian entrepreneurs will hold 46 percent.

He said the remaining 49 percent will be reserved for yet to be assigned strategic equity partners, including foreign investors.

Sirika said the national carrier, when operational, will create about 70,000 jobs for Nigerians.

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#EndSARS: Panel Affirmed Nine Killed, Four Missing, 24 Injured At Lekki Toll Gate

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No fewer than nine #EndSARS protesters were killed at the Lekki tollgate on October 20, 2020.

This was contained in the report of the reports submitted by the Judicial Panel of Inquiry on Restitution for victims of SARS-related abuses and other matters obtained by our correspondent on Monday.

According to the report, nine protesters were confirmed dead while four were presumed dead.

The report listed 48 names as those who were casualties of the Lekki incident of October 20, 2020.

Among the 48 casualties listed, 24 sustained gunshot injuries, while 15 others were assaulted by soldiers and police.

The panel also noted that 96 other corpses were presented by a Forensic Pathologist of Lagos State University Teaching Hospital, Professor John Obafunwa.

According to the 309-page report, the protesters were killed by suspected policemen and soldiers.

Part of the report read, ” The evidence before the panel shows that after the Nigerian Army left, Nigeria Police Force, followed up with the killing of the protesters, shooting directly at fleeing
protesters into the shanties and the Lagoon at the Lekki Phase 1 Foreshore, close to the Lekki Toll Gate, floating corpse and one shot close to Serah Ibrahim.

“Several unidentified bodies were removed by security agencies and LASEHMU (Lagos State Environmental Health Monitoring Unit) and deposited at various hospital mortuaries in Lagos State.

“Three trucks with brushes underneath were brought to the Lekki Toll Gate in the morning of October 21st October, 2020 to clean up the scene of bloodstains and other evidence.

“The testimony and report of Professor John Obafunwa, a Forensic Pathologist of Lagos State University Teaching Hospital, showed that three corpses were deposited at the Mainland Hospital, Yaba Hospital, all from the Lekki Toll Gate and the autopsy conducted thereon revealed death from bleeding caused by penetrating objects or rifled weapon.

“The Panel finds that the fact of lack of identity of some of the other 96 corpses on the list supplied by Professor Obafunwa would not obliterate the fact that some of them could have come from the Lekki Toll Gate Incident of October 20, 2020, or that some other unidentified corpses may have been removed by their families or the military, as claimed by the EndSARS protesters, far and beyond the list tendered by Professor Obafunwa.”

The panel was inaugurated on October 19, 2020, to look into complaints of citizens against human rights abuses by the police.

Following the incident at the Lekki Toll Gate on October 20, 2020, the terms of reference of the Panel were expanded to cover that incident.

The panel sat for over one year, listening to testimonies of petitioners, witnesses, experts, and lawyers.

The panel treated 235 petitions and awarded N410 million to 70 victims.

The PUNCH

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Lagos #EndSARS Panel Submits Report

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The Lagos judicial panel on police brutality submitted its report on Monday to Governor Babajide Sanwo-Olu, at the government house, Ikeja, Lagos.

The panel submitted two sets of reports — a consolidated report on police brutality cases and the Lekki incident investigation.

On October 19, 2020, as part of recommendations put forward during the #EndSARS protests, the Lagos government inaugurated the judicial panel to investigate petitions on police brutality in the state.

Speaking after receiving the report, Sanwo-Olu said it is the beginning of the “difficult process of proper reconciliation and restitution”.

The governor commended members of the panel for the work done, adding that posterity will be kind to them.

He said the report will be submitted to the national economic council (NEC), adding that “proper response” will be accorded to the recommendations.

Sanwo-Olu also constituted a four-member committee headed by Moyosore Onigbanjo, the state’s attorney-general, to come up with a white paper on the panel’s recommendations within the next two weeks.

“I’m believing and trusting that this process will help us start the very difficult process of proper reconciliation, restitution, bringing together of anyone that must have been one form or the other being affected,” he said.

“By either the police or any of our citizens that must have been wronged by one form or the other, the process of healing, I imagine, with the submission of this panel report, will start that process.”

The sitting was initially meant to last for six months but the period of proceedings stretched into one year.

The panel concluded its sitting on October 18, 2021, and said its findings and recommendations would be submitted to the state government.

Doris Okuwobi, chairperson of the panel, had said 186 of the 252 petitions submitted were deliberated upon.

According to an infographic released by the panel, the sum of N409.7 million was awarded to 70 petitioners.

However, the decision of the panel not to disclose its report on the Lekki shooting incident did not go down well with many Nigerians, including lawyers representing #EndSARS protesters.

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