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Disaster-linked losses in 2018 hit $155 billion: Swiss Re

AFP
AFP - [email protected] • 18 Dec, 2018 Updated Tue 18 Dec 2018 18:59 CEST
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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.

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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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AFP 2018/12/18 18:59

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