Thursday, May 24, 2018

Losses reach US$144bn from catastrophes in 2017

The total insured losses from catastrophic events in 2017 reached US$144 billion, according to a study by Swiss Re Institute.

The figure is the highest-ever to be recorded in a single year. The total global economic losses arising from natural and man-made disasters were at US$337 billion, double the losses incurred in 2016 and the second-highest on record.

The highest losses came from three hurricanes — Harvey, Irma, and Maria — that pounded the US and the Caribbean in quick succession.

These disasters resulted in combined insured losses of US$92 billion, making 2017 the second-costliest North Atlantic hurricane season since 2005.

Last year was also a record year for wildfires, with major wildfires across the globe leading to combined insurance losses of US$14 billion, also the highest ever.

There were 301 catastrophes worldwide in 2017, down from 329 in 2016.

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