Wednesday, September 20, 2017

Insured losses from disasters hit four-year high

The amount of insured losses arising from natural and manmade disasters increased by US$38 billion in 2016, from a year ago, to reach a total of US$54 billion, according to the latest sigma study of Swiss Re.

In the same year, economic losses from disasters reached US$175 billion globally or almost double the US$94 billion in 2015.

According to the study, the losses in 2016, both economic and insured, were the highest in four years and effectively overturned the trend since 2012.

The report attributed this to the many substantial disaster events, including earthquakes, storms, floods, and wildfires last year, across the world.

Of the 327 disaster events in 2016, 191 were natural disasters while 136 were manmade.

Asia took most of the brunt of these disasters with losses reaching US$60 billion.

Some of these calamities hit regions with high insurance penetration, which contributed 42% in the increase in insured losses.

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