Losses reach US$144bn from catastrophes in 2017April 12 2018 by InsuranceAsia News Staff
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.
- August 16
The extreme rainfall and flooding in July have taken a toll on MS&AD, Tokyo Marine and Sompo.
- July 30
A 6.4 magnitude shallow earthquake and over 60 aftershocks has struck the Indonesian island.
- July 27
Insurance payouts are estimated at US$21bn, 64% lower than the 10-year average of US$124bn.
- July 12
Seasonal flooding led to fatalities and significant damage in parts of India, Bangladesh, Myanmar and Vietnam.