Wednesday, September 20, 2017

Insured losses from global disasters slump

There was a big dip in the amount of insured losses from disasters globally in the first half of this year, according to Swiss Re.

Losses from disasters that had cover during the period were down to US$23 billion from US$36 billion a year earlier.

Similarly, total economic losses from disasters dropped to $44 billion from $117 billion in the first half of 2016 due to fewer and less intense events, Swiss Re’s preliminary estimates reveal.

One reason for the cut in demand for cover against such catastrophes was the lower level of payouts.

It was the 17th consecutive quarter that global insurance rates dropped, with property rates down 2.8%.

Data showed that thunderstorms in the US caused some of the largest losses, with a four-day storm in Colorado and other southern and eastern states in May leading to US$1.9 billion in insured losses.

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