Global disasters caused record $144bn insured losses in 2017

Global insured losses from disaster events in 2017 were $144 billion, the highest ever on Swiss Re’s sigma records.

The biggest losses came from three hurricanes – Harvey, Irma and Maria (HIM) – that struck the US and the Caribbean in quick succession. These hurricanes resulted in combined insured losses of $92 billion, making 2017 the second costliest North Atlantic hurricane season since 2005, according to the latest sigma study from the Swiss Re Institute.

The storms' individual insured losses were divided as follows: Harvey $30 billion, Irma $30 billion and Maria $32 billion.

Last year was also a record year for wildfires. Major wildfires across the globe resulted in combined insurance losses of $14 billion, the highest ever. The Tubbs fire in California’s Sonoma and Napa counties caused $7.7 billion in insured losses, making it the world's costliest wildfire ever in terms of insured losses, according to sigma records.

Overall, total global economic losses from natural and man-made disasters in 2017 were $337 billion, almost double the losses in 2016 and the second highest on record, according to the study.

In terms of sigma criteria, there were 301 catastrophes worldwide in 2017, down from 329 in 2016. More than 11 000 people lost their lives or went missing in disaster events last year, and millions were left homeless. Natural catastrophes claimed more than 8 000 victims. A landslide and floods in Sierra Leone in mid-August took most lives, with 1 141 people declared dead or missing. Elsewhere, heavy monsoon rains and separate flood events led to more than 1 000 deaths across India, Nepal and Bangladesh.

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