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.

This post was syndicated from InsuranceAsia News. Click here to read the full text on the original website.

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