Global cats cause $85bn of economic losses in 2015
Natural catastrophes and man-made disasters caused approximately $85 billion of economic losses in 2015.
This is according to preliminary sigma estimates from Swiss Re.
Insured losses, however, were just $32 billion. Insured losses from natural catastrophes were lower than in 2014, while man-made losses were higher.
The explosions at the Port of Tianjin in China are expected to lead to the year's biggest insured loss, said Swiss Re, and the biggest man-made insured loss in Asia ever.
In total, approximately 26, 000 people lost their lives in disaster events this year, double the amount in 2014.
In 2015, total economic losses are estimated to reach $85 billion, down from $113 billion in 2014 and the previous ten-year loss average of $192 billion.
Natural catastrophes caused $74 billion in losses, according to the report and man-made disasters the remaining $11 billion.
Of the total economic losses, $32 billion were insured (compared with $35 billion the year before), with $23 billion triggered by natural disasters, down from $28 billion in 2014. This is also below the annual average of $ 55 billion for the previous 10 years of natural catastrophe insured losses, said Swiss Re.
“A year of many disaster events losses were caused by various severe natural catastrophes across different perils in 2015, including windstorms, hurricanes, earthquakes, flooding and wildfires,” said Swiss Re.
“A February winter storm in the US was the largest loss-making natural disaster of the year, resulting in insured losses of more than $2 billion. Low activity during the North Atlantic hurricane season kept the total global insured loss low.”
Large disasters occurred in many other parts of the world, contributing to the total number of fatalities.
This year is likely to pass as the warmest on record, according to the World Meteorological Organisation. Exceptionally high temperatures and lack of rainfall caused drought, wildfires and heatwaves in many regions, with more than 5 000 people dying in waves of extreme temperatures throughout the summer season in India, Pakistan, Europe, North Africa and the Middle East.
"It was another year of many disaster events, sadly resulting in a high number of victims," said Kurt Karl, chief economist at Swiss Re.
"The overall economic impact of these events was devastating in the areas affected. Often these areas are the least equipped and have a low level of insurance penetration."
More lives were lost due to capsizing of many boats carrying migrants from conflict zones in northern Africa, while attempting to reach Europe, often in unseaworthy vessels.
