Home / Africa/International / Natural disasters around the world in 2017 cost insurance companies $135b

Natural disasters around the world in 2017 cost insurance companies $135b

The cost of natural disasters to the global insurance industry in 2017 has been put around $135 billion. The overall losses including uninsured losses amounted to $330 billion – which is said to be the second-highest figure ever recorded for natural disasters.

“The only costlier year so far was 2011, when the Tohoku earthquake in Japan contributed to overall losses of $354 billion in today’s dollars,” Munich Re says.

The overall loss figure of $330 billion, it says is for all types of natural disaster, and that was almost double the ten-year, inflation-adjusted average of $170bn.

According to Munich Re, the losses from weather-related natural catastrophes set a new record.

“Insured losses were almost three times higher than the average of $49 billion. Our statistics identified a total of 710 relevant natural catastrophes, which was also significantly more than the average of 605. Approximately 10,000 people lost their lives in natural disasters this year (2017), which is a slightly higher figure to last year’s (2016), but at least much lower than the ten-year average of 60,000,” it noted.

By Emmanuel K. Dogbevi

Check Also

African Union Continental Symposium opens 

African Union Continental Symposium on the Implementation of the International Decade for People of African …