Disaster-linked losses in 2018 hit $155 billion: Swiss Re
Losses from natural and man-made disasters are estimated to total $155 billion (€136 billion) this year, down sharply from a hurricane-plagued 2017, the reinsurance giant Swiss Re said on Tuesday.
The trio of hurricanes Harvey, Maria and Irma last year pushed losses to $350 billion, but Swiss Re noted that a "number of smaller and mid-sized events, alongside some major man-made disasters" in 2018 were still cause for serious concern.
Events this year "highlight the increasing vulnerability of the ever-growing concentration of humans and property values on coastlines and in the urban-wildlife interface."
Overall, the figures served as a reminder that "extreme weather conditions can quickly turn into catastrophe," the company said.
Among the major events causing damage this year were hurricanes Michael and Florence, a series of typhoons in Asia and the recent California wildfires.
Roughly half of all losses recorded this year were covered by insurance, Swiss Re said.
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The trio of hurricanes Harvey, Maria and Irma last year pushed losses to $350 billion, but Swiss Re noted that a "number of smaller and mid-sized events, alongside some major man-made disasters" in 2018 were still cause for serious concern.
Events this year "highlight the increasing vulnerability of the ever-growing concentration of humans and property values on coastlines and in the urban-wildlife interface."
Overall, the figures served as a reminder that "extreme weather conditions can quickly turn into catastrophe," the company said.
Among the major events causing damage this year were hurricanes Michael and Florence, a series of typhoons in Asia and the recent California wildfires.
Roughly half of all losses recorded this year were covered by insurance, Swiss Re said.
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