Global 2017 insured cat losses at $136bn: Swiss Re
The global insured losses from catastrophes in 2017 are estimated at $136 billion, according to Swiss Re’s sigma report estimates, well above the annual average of the previous 10 years, and the third highest since sigma records began in 1970.
The $136 billion in 2017 compare to global insured losses from disaster events of $65 billion in 2016.
Natural catastrophes accounted for $131 billion of 2017's insured losses, and man-made disasters for the remaining $5 billion.
The US was hardest hit, including by hurricanes Harvey, Irma, and Maria, which have made 2017 the second costliest hurricane season on sigma records after 2005.
"In recent years, annual insurance losses from disaster events have exceeded $100 billion a few times", said Martin Bertogg, head of catastrophe perils at Swiss Re. "The insurance industry has demonstrated that it can cope very well with such high losses. However, significant protection gaps remain and if the industry is able to extend its reach, many more people and businesses can become better equipped to withstand the fallout from disaster events."
Global economic losses from natural and man-made disasters in 2017 are estimated to be $306 billion, up from $188 billion in 2016.
The accumulation of economic and insured losses ramped up in the second half of the year, due primarily to the three hurricanes – Harvey, Irma and Maria – that hit the US and the Caribbean, and wildfires in California. Globally, more than 11 000 people have died or gone missing in disaster events in 2017, similar to 2016.
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