Swiss Re sigma has released its preliminary 2017 catastrophe loss estimates today. Here are some of the findings:
- Total global economic losses from natural disasters in 2017 came to $306 billion, up from $188 billion in 2016, according to Swiss Re sigma estimates.
- Insured losses from catastrophes are estimated to be $136 billion, the third highest recorded by sigma.
- Losses were heaviest in U.S. which was pummeled by hurricanes Harvey, Irma and Maria making 2017 the second costliest hurricane season after 2005.
- Over 11,000 people died because of disaster events in 2017.
In addition to the intense hurricane season other major disasters of 2017 include:
- Major wildfires in October through December in California, which led to significant losses which are still being tallied. Property Claims Services estimates combined insured property losses from the fires to be $7.3 billion.
- In mid-September, two powerful earthquakes in Tehuantepec and Puebla, Mexico, which led to numerous building collapses, claiming many victims and resulting in insured losses of over $2 billion.
- In late March, tropical Cyclone Debbie, which hit the northeastern coast of Australia as a category 4 storm. Wind gusts and widespread flooding in central and southeast Queensland and northeast New South Wales led to insured losses of $1.3 billion.
- Europe suffered a cold snap at the end of April, followed by a summer of record temperatures.
- Severe floods in Southeast Asia claimed many victims and caused large devastation.
Martin Bertogg, Head of Catastrophe Perils at Swiss Re:
“In recent years, annual insurance losses from disaster events have exceeded USD 100 billion a few times. The insurance industry has demonstrated that it can cope very well with such high losses. However, significant protection gaps remain and if the industry is able to extend its reach, many more people and businesses can become better equipped to withstand the fallout from disaster events.”