Latest news with #economicloss
Forbes
6 hours ago
- Business
- Forbes
Canadian Boycott Of U.S. Travel Is Going Stronger Than Ever, New Data Says
Canadians boycotting travel to the U.S. intensified in May—cementing a massive economic loss for American tourism this year as visitors from all over the globe rethink travel to the States. Significantly fewer Canadians traveled to the US in May, setting up a big economic loss for American ... More tourism in 2025. The number of Canadians taking road trips into the U.S.—representing the majority of Canadians who visit—dropped by 38% last month compared to May 2024, according to new data from Statistics Canada. There was also a 24% decline in air travelers from Canada was the fifth consecutive month of ever-steeper declines in inbound Canadian travel, following double-digit year-over-year drops in car travel and air travel to the U.S. in April and March. Even a 10% drop in Canadian inbound tourism could see $2.1 billion in lost spending and 140,000 jobs jeopardized in the hospitality and related sectors, the U.S. Travel Association (USTA) warned in February—the new data suggests the losses could be triple or quadruple that forecast. Fewer Americans traveled to Canada in May, with car travel down 8% and air travel down 0.3%, per Statistics Canada data. In recent years, Canadian tourists have made up roughly one-quarter of all foreign travelers who come to the United States, according to the U.S. National Travel and Tourism Office (NTTO). Last year, Canadian tourists vacationing in the U.S. spent $20.5 billion. To put that number into context, it is nearly double the $10.4 billion Americans spent at McDonald's during all of 2024. Canada's leadership warned residents against traveling to the U.S. in early February, after President Donald Trump began talking about tariffs and started referring to Canada as 'the 51st state.' Then-Canadian Prime Minister Justin Trudeau told Canadians not to vacation south of the border, and repeated that call to action through April, when he left office. Three-quarters (75%) of Canadians who had been planning a trip to the U.S. say the tariff announcements have influenced their plans, and over half (56%) who had planned to visit the U.S. have decided to travel elsewhere, according to a survey by Leger Marketing of over 1,500 Canadian adults fielded mid-May. No. Over half of Canadians (55%) plan to take a leisure trip this summer, up from 47% who planned a summer trip in 2024, according to the Leger Marketing poll. Only 10% of Canadians plan to travel to the U.S. this summer compared to 23% last year. In contrast, Canadians' domestic travel intentions are soaring, with 77% planning to stay within Canada (up from 69% in 2024). Compared to before President Trump's tariffs were introduced, more Canadians are likely to travel within their home province (48% vs. 38% pre-tariffs) or to another Canadian province (42%, up from 30%). The U.S. is looking at a significant 9% drop in U.S. international arrivals for 2025, and a drop of $8.5 billion (-4.7%) in international visitor spending relative to last year, according to the latest forecast from Tourism Economics, a nonpartisan Oxford Economics company tracking tourism statistics. But the true damage is actually twice as 'catastrophic,' Adam Sacks, president of Tourism Economics, told Forbes. 'Given trends in our pre-Inauguration forecast, we were expecting a 9% increase in international visitors this year,' Sacks said. 'So the full way to appreciate the loss is relative to the growth that would have happened based on the ongoing recovery that was expected, because we're still well below 2019 levels.' Considering 2025 was forecast to be a big growth year for international inbound visitors, the true loss for the U.S. is far bigger. The World Travel & Tourism Council predicts an even bigger decline in tourism revenue for the U.S., forecasting a loss of $12.5 billion in international visitor spending in 2025. $1.8 billion. That's how much in export revenue is lost for every 1% drop in international visitor spending, according to the USTA. If the downward trajectory continues through the end of the year, the country stands to lose at least $21 billion in travel-related exports. The Senate Committee on Commerce, Science and Transportation led by Senator Ted Cruz (R-Tex.) has proposed slashing the budget of Brand USA, the country's public-private destination marketing organization, from $100 million to $20 million. The USTA said it is 'deeply concerned' about the proposal, saying such drastic cuts would 'significantly impact every sector of our industry.' U.S. Now 'Flyover' Country For Canadians—Who Are Traveling To Mexico, Caribbean Instead (Forbes)
Irish Times
03-06-2025
- Business
- Irish Times
Closure of Bray-Greystones cliff walk has ‘cost the economy €73m'
More than €73 million has been lost to the economy – equating to more than €50,000 a day – because of the continuing closure of the cliff walk between Bray and Greystones , Co Wicklow, economist Jim Power has said. Mr Power, an economic adviser to the Irish Tourism Industry Confederation and a financial commentator, estimated the loss to the economy included €21 million that would have gone to the Exchequer in taxes. The 7km cliff walk, developed in the 1840s as an access route for workers building the railway line, was, until its closure in February 2021, one of the most popular walks on Ireland's east coast. At its highest point it rises to about 100m above sea level. However, following the collapse of a section of boulder clay on the Greystones side and a rockfall further towards Bray, the walk was closed on a temporary basis. READ MORE Wicklow County Council put barriers at either end of the route and advertised an alternative walk, some of which was on the main Bray to Greystones road before climbing the head and emerging at a landmark cross overlooking Bray seafront. However, as time passed and the cliff walk remained closed, local traders expressed concern at the lack of business. 'The closure hit us immediately. I would say we were first in the firing line, and then it hit everyone else,' said Nigel Spendlove, who runs a coffee shop at Greystones harbour. Nigel Spendlove at Spendlove's coffee shop in Greystones. Photograph: Tim O'Brien Claire Cullen, who runs The Fat Fox cafe and cake shop on Trafalgar Road, Greystones, said the closure had cost her '500 customers a week. That is 2,000 customers a month – it is a lot for any business to take'.. Local group Friends of the Cliff Walk commissioned Mr Power to carry out an economic study of the economic cost of the closure. As part of the overall figure of €73 million, Mr Power estimated losses to local shops, restaurants and coffee shops at €4 million, based on yearly spending by walkers of €3.5 million. Speaking to The Irish Times, Mr Power said he had relied on Fáilte Ireland reports on visitor spending, figures for the numbers of people previously walking the cliff walk and his own interviews with businesses in the area among other sources. He said that according to Fáilte Ireland figures overseas visitors would typically spend €105 each a day, domestic visitors would be spending €92 daily and local walkers would spend about €10. He said recent analysis showed 10 per cent of visitors on the walk were from overseas, 40 per cent would be domestic visitors and the rest locals. Using official figures showing 350,000 visitors in the last year the walk was open, the annual spend was €18.4 million. With the walk now closed four years that loss amounted to €73 million overall, he said. He said the impact on the economies of Bray and Greystones has been 'very significant'. 'If we assume the average spend locally is €10 per visitor, the overall spend locally would be €3.5 million. This would support 77 jobs in tourism and hospitality in the local area. Assuming an average wage of €20,000, this would equate to a wage injection of €1.54 million into the local economy,' he said at the launch of his report on Tuesday in Greystones. Wicklow County Council said it was in the process of appointing consultants to advise 'short-term and long-term solutions to address the issues with sections of the walk that have already collapsed or are about to collapse'. The council said it had 'identified unsafe sections, reluctantly closed them, and signposted alternative routes around the collapsed sections of the cliff walk'. It said it was also working to identify funding for the work.
Malay Mail
14-05-2025
- Business
- Malay Mail
Wildfires and Floods Caused Billion-Dollar Economic Loss in Asia Pacific in the first quarter of 2025: Aon Report
Q1 data follows $74B economic loss in Asia Pacific from natural disasters in 2024 Earthquake in Myanmar estimated to be the costliest event of the year so far, with only a fraction insured Growing Disaster Losses: Global insurance losses in 2024 were 54 percent above the 21st-century average, covering $145B of the $368B in damages. Even though insured losses far exceeded the average, the protection gap stood at 60 percent, representing a significant financial headwind to communities, businesses and governments. In the APAC region, the protection gap was much higher with 95 percent of the losses not covered. Increases in population density in coastal areas, wealth and overall exposure to natural hazards in high-risk areas continue to be a crucial component of growing disaster losses. Global insurance losses in 2024 were 54 percent above the 21st-century average, covering $145B of the $368B in damages. Even though insured losses far exceeded the average, the protection gap stood at 60 percent, representing a significant financial headwind to communities, businesses and governments. In the APAC region, the protection gap was much higher with 95 percent of the losses not covered. Increases in population density in coastal areas, wealth and overall exposure to natural hazards in high-risk areas continue to be a crucial component of growing disaster losses. Earthquake Risks : April 2024 saw a significant earthquake impact in Taiwan, while Japan experienced the Noto Peninsula earthquake on January 1, 2024. This emphasises the need for ongoing vigilance and preparedness for seismic events. : April 2024 saw a significant earthquake impact in Taiwan, while Japan experienced the Noto Peninsula earthquake on January 1, 2024. This emphasises the need for ongoing vigilance and preparedness for seismic events. Exposure Changes : Changes in exposure is a growing challenge for insurers and clients. These changes, rather than climate risks alone, are driving shifts in loss patterns. Typhoon Yagi, for example, accentuated the importance of a regional risk management approach that extends beyond sovereign borders. : Changes in exposure is a growing challenge for insurers and clients. These changes, rather than climate risks alone, are driving shifts in loss patterns. Typhoon Yagi, for example, accentuated the importance of a regional risk management approach that extends beyond sovereign borders. Advances in Flood Modelling : Despite the challenges, advancements in flood modelling have made significant strides in recent years. Advanced tools and data analytics can help businesses and governments understand the complexities of flood risk and prepare for future events. : Despite the challenges, advancements in flood modelling have made significant strides in recent years. Advanced tools and data analytics can help businesses and governments understand the complexities of flood risk and prepare for future events. Economic Impacts: The exposure of commercial infrastructure to extreme weather has increased, requiring companies and insurers to explore the impact of changing weather patterns on assets. While Typhoon Yagi made a significant impact on economic and insured losses in China, Vietnam and the Philippines, 2024 was a relatively quiet year for natural catastrophes in Asia when compared with the long-term regional trend. Date Event Location Deaths Economic Loss (2024 $ B) Insured Loss (2024 $ B) 09/06 -14/07 South Central China Floods China 470 15.7 0.4 01/09 - 09/09 Typhoon Yagi China, Southeast Asia 816 12.9 0.7 01/01 Noto Earthquake Japan 489 18.0 1.5 01/03 – 30/06 India Heatwaves India 733 NA NA 20/06 – 30/06 Karachi Heatwave Pakistan 568 NA NA SINGAPORE - Media OutReach Newswire - 14 May 2025 - Aon plc (NYSE: AON), a leading global professional services firm, published Asia Pacific (APAC) insights from its Q1 Global Catastrophe Recap – April 2025 , which analyzes the natural disaster events that occurred worldwide during the first quarter of this period, the APAC region experienced significant wildfire activity, particularly in South Korea and Japan. South Korea faced devastating wildfires that resulted in 31 deaths, 49 injuries and the destruction of over 7,700 structures with losses estimated at approximately $ earthquake that occurred in March in Myanmar is the costliest event of the year so far. Damage is expected to reach billions of dollars and only a fraction is covered by insurance. The costliest event for APAC insurers was ex-Tropical Cyclone Alfred, with insured losses of approximately AU $ Q1 data follows Aon's 2025 Climate and Catastrophe Insight report, which identified global natural disaster and climate trends to quantify the risk and human impact of extreme weather events in 2024, where total economic losses in APAC were $74B, with insurance covering only approximately $ main driver of economic losses in 2024 was flooding, with a significant contribution from seasonal floods in China. Two major events: the Noto earthquake in Japan and Typhoon Yagi in Southeast Asia and China also accounted for a large proportion of the Yagi was one of the most severe storms to hit Southeast Asia since Typhoon Rammasun in 2014. The storm caused extensive damage across Vietnam, China, Myanmar, the Philippines and Thailand, resulting in significant economic and insured losses. This event highlights the importance of considering both wind and flood risks in typhoon-prone Attard, CEO for Reinsurance Solutions for APAC at Aon, said: "The devastating earthquake in Myanmar, which caused at least 5,400 deaths and significant structural and infrastructure loss, underscores the importance of being prepared for catastrophe-related risks. Extreme weather and seismic events remain a powerful force driving the complexity and volatility that businesses and communities face and emphasizes the urgent need for innovative mitigation solutions to address this growing challenge."Aon's 2025 Climate and Catastrophe Insight report highlights several trends with natural catastrophe losses:The economic and insured losses in the region also contrast with the global figures, where economic losses from natural disasters in 2024 are estimated at $368B, more than 10 percent above the long-term average since greater resilience and mitigation measures in place, global economies can reduce damage and loss of 2024, 18,100 people lost their lives due to natural hazards, mostly from heatwaves and flooding globally. This was below the 21st-century average of 72,400. The long-term decrease in global fatalities can be attributed to improved warning systems, weather forecasts and evacuation planning, underscoring the value of reliable climate data, insights and analytics."Asia is at the forefront of flood modelling," said Peter Cheesman, head of Risk Capital analytics for APAC at Aon. "Despite this, there remains a need for better tools and collaborations with public and private partnerships to help close the insurance gap. A comprehensive, multi-country strategy, together with advanced modelling and data inputs, are critical in helping risk managers prepare for future events as climate and exposure trends continue to evolve."Aon's 2025 Climate and Catastrophe Insight report can be found here Hashtag: #Aon #climaterisks #climate #catastrophe #catastropherisks #flooding The issuer is solely responsible for the content of this announcement. About Aon Aon plc (NYSE: AON) exists to shape decisions for the better — to protect and enrich the lives of people around the world. Through actionable analytic insight, globally integrated Risk Capital and Human Capital expertise, and locally relevant solutions, our colleagues provide clients in over 120 countries with the clarity and confidence to make better risk and people decisions that protect and grow their businesses. Follow Aon on LinkedIn, X, Facebook and Instagram. Stay up-to-date by visiting Aon's newsroom and sign up for news alerts here. Disclaimer The information contained in this document is solely for information purposes, for general guidance only and is not intended to address the circumstances of any particular individual or entity. Although Aon endeavours to provide accurate and timely information and uses sources that it considers reliable, the firm does not warrant, represent or guarantee the accuracy, adequacy, completeness or fitness for any purpose of any content of this document and can accept no liability for any loss incurred in any way by any person who may rely on it. There can be no guarantee that the information contained in this document will remain accurate as on the date it is received or that it will continue to be accurate in the future. No individual or entity should make decisions or act based solely on the information contained herein without appropriate professional advice and targeted research.
Zawya
14-05-2025
- Business
- Zawya
Wildfires and Floods Caused Billion-Dollar Economic Loss in Asia Pacific in the first quarter of 2025: Aon Report
Q1 data follows $74B economic loss in Asia Pacific from natural disasters in 2024 Earthquake in Myanmar estimated to be the costliest event of the year so far, with only a fraction insured SINGAPORE - Media OutReach Newswire - 14 May 2025 - Aon plc (NYSE: AON), a leading global professional services firm, published Asia Pacific (APAC) insights from its Q1 Global Catastrophe Recap – April 2025, which analyzes the natural disaster events that occurred worldwide during the first quarter of 2025. During this period, the APAC region experienced significant wildfire activity, particularly in South Korea and Japan. South Korea faced devastating wildfires that resulted in 31 deaths, 49 injuries and the destruction of over 7,700 structures with losses estimated at approximately $1B. The earthquake that occurred in March in Myanmar is the costliest event of the year so far. Damage is expected to reach billions of dollars and only a fraction is covered by insurance. The costliest event for APAC insurers was ex-Tropical Cyclone Alfred, with insured losses of approximately AU $1B. The Q1 data follows Aon's 2025 Climate and Catastrophe Insight report, which identified global natural disaster and climate trends to quantify the risk and human impact of extreme weather events in 2024, where total economic losses in APAC were $74B, with insurance covering only approximately $4B. The main driver of economic losses in 2024 was flooding, with a significant contribution from seasonal floods in China. Two major events: the Noto earthquake in Japan and Typhoon Yagi in Southeast Asia and China also accounted for a large proportion of the losses. Typhoon Yagi was one of the most severe storms to hit Southeast Asia since Typhoon Rammasun in 2014. The storm caused extensive damage across Vietnam, China, Myanmar, the Philippines and Thailand, resulting in significant economic and insured losses. This event highlights the importance of considering both wind and flood risks in typhoon-prone areas. George Attard, CEO for Reinsurance Solutions for APAC at Aon, said: "The devastating earthquake in Myanmar, which caused at least 5,400 deaths and significant structural and infrastructure loss, underscores the importance of being prepared for catastrophe-related risks. Extreme weather and seismic events remain a powerful force driving the complexity and volatility that businesses and communities face and emphasizes the urgent need for innovative mitigation solutions to address this growing challenge." Aon's 2025 Climate and Catastrophe Insight report highlights several trends with natural catastrophe losses: Growing Disaster Losses: Global insurance losses in 2024 were 54 percent above the 21st-century average, covering $145B of the $368B in damages. Even though insured losses far exceeded the average, the protection gap stood at 60 percent, representing a significant financial headwind to communities, businesses and governments. In the APAC region, the protection gap was much higher with 95 percent of the losses not covered. Increases in population density in coastal areas, wealth and overall exposure to natural hazards in high-risk areas continue to be a crucial component of growing disaster losses. Earthquake Risks: April 2024 saw a significant earthquake impact in Taiwan, while Japan experienced the Noto Peninsula earthquake on January 1, 2024. This emphasises the need for ongoing vigilance and preparedness for seismic events. Exposure Changes: Changes in exposure is a growing challenge for insurers and clients. These changes, rather than climate risks alone, are driving shifts in loss patterns. Typhoon Yagi, for example, accentuated the importance of a regional risk management approach that extends beyond sovereign borders. Advances in Flood Modelling: Despite the challenges, advancements in flood modelling have made significant strides in recent years. Advanced tools and data analytics can help businesses and governments understand the complexities of flood risk and prepare for future events. Economic Impacts: The exposure of commercial infrastructure to extreme weather has increased, requiring companies and insurers to explore the impact of changing weather patterns on assets. While Typhoon Yagi made a significant impact on economic and insured losses in China, Vietnam and the Philippines, 2024 was a relatively quiet year for natural catastrophes in Asia when compared with the long-term regional trend. The economic and insured losses in the region also contrast with the global figures, where economic losses from natural disasters in 2024 are estimated at $368B, more than 10 percent above the long-term average since 2000. With greater resilience and mitigation measures in place, global economies can reduce damage and loss of life. In 2024, 18,100 people lost their lives due to natural hazards, mostly from heatwaves and flooding globally. This was below the 21st-century average of 72,400. The long-term decrease in global fatalities can be attributed to improved warning systems, weather forecasts and evacuation planning, underscoring the value of reliable climate data, insights and analytics. Significant Asia Events in 2024 Date Event Location Deaths Economic Loss (2024 $ B) Insured Loss (2024 $ B) 09/06 -14/07 South Central China Floods China 470 15.7 0.4 01/09 - 09/09 Typhoon Yagi China, Southeast Asia 816 12.9 0.7 01/01 Noto Earthquake Japan 489 18.0 1.5 01/03 – 30/06 India Heatwaves India 733 NA NA 20/06 – 30/06 Karachi Heatwave Pakistan 568 NA NA "Asia is at the forefront of flood modelling," said Peter Cheesman, head of Risk Capital analytics for APAC at Aon. "Despite this, there remains a need for better tools and collaborations with public and private partnerships to help close the insurance gap. A comprehensive, multi-country strategy, together with advanced modelling and data inputs, are critical in helping risk managers prepare for future events as climate and exposure trends continue to evolve." Aon's 2025 Climate and Catastrophe Insight report can be found here. Hashtag: #Aon #climaterisks #climate #catastrophe #catastropherisks #flooding The issuer is solely responsible for the content of this announcement. About Aon Aon plc (NYSE: AON) exists to shape decisions for the better — to protect and enrich the lives of people around the world. Through actionable analytic insight, globally integrated Risk Capital and Human Capital expertise, and locally relevant solutions, our colleagues provide clients in over 120 countries with the clarity and confidence to make better risk and people decisions that protect and grow their businesses. Follow Aon on LinkedIn, X, Facebook and Instagram. Stay up-to-date by visiting Aon's newsroom and sign up for news alerts here. Disclaimer The information contained in this document is solely for information purposes, for general guidance only and is not intended to address the circumstances of any particular individual or entity. Although Aon endeavours to provide accurate and timely information and uses sources that it considers reliable, the firm does not warrant, represent or guarantee the accuracy, adequacy, completeness or fitness for any purpose of any content of this document and can accept no liability for any loss incurred in any way by any person who may rely on it. T here can be no guarantee that the information contained in this document will remain accurate as on the date it is received or that it will continue to be accurate in the future. No individual or entity should make decisions or act based solely on the information contained herein without appropriate professional advice and targeted research. Aon
