17 August 2017Insurance

Global insured losses from disasters fall in H1 2017

Global insured and economic losses declined year on year in the first half of 2017, according to preliminary sigma estimates.

Insured losses from disasters were $23 billion in the first six months of 2017, down from $36 billion in the same period a year ago.

Total economic losses from disasters declined sharply to $44 billion in from $117 billion over the period as a result of fewer and less intense events.

A series of severe thunderstorms in the US caused some of the largest losses in the first half of 2017. Four separate severe weather events from February to May each caused insured losses of more than $1 billion in the US over the period. The most intense and costly event was a four-day long storm in May with heavy damage to property inflicted by hail in Colorado and strong winds in other parts of southern and central states. The economic losses of this storm alone were $2.2 billion, with insured losses of $1.9 billion.

Out of the $44 billion total global economic losses, natural catastrophes alone accounted for $41 billion in the first half of 2017, compared with $110 billion in the first half of 2016, while the remaining $3 billion came from man-made disasters. Global insured losses from natural catastrophes fell to $20 billion from $30 billion the year before, while insured losses from man-made disasters were $3 billion, down from $6 billion.

Get the latest re/insurance news sent to your inbox every day -  Sign up to our free email newsletters

Today’s stories

Swiss Re creates new global contingency unit; appoints head

XL Catlin poaches Willis Towers Watson UK retail broking head

Hong Kong reacts as it loses insurance business to Singapore

QBE emerging markets CEO steps down after ‘disappointing’ results

PartnerRe sells New York unit to Employers

JLT Specialty brings AIG UK environmental leader to head unit

Don't miss our insurtech email newsletter - sign up today

Intelligent Insurer
Newton Media Ltd
Kingfisher House
21-23 Elmfield Road
United Kingdom