Swiss Re Estimates Natural Catastrophes Caused $31 Billion Insured Losses for First-Half 2016 - FloodList
A report by Swiss Re, the reinsurance group, estimates that insured losses from both natural and man-made catastrophes rose by 51% to USD 31 billion in the first half of 2016. Three seperate storms in the US generated the highest insured losses.
The total economic losses from disaster events increased by 38% to USD 71 billion, primarily due to natural catastrophes such as the storms in the USA, earthquakes in Japan, storms and floods in Europe, and wildfires in Canada.
However, the number of fatalities is much lower than 2015. Swiss Re say that as many as 6 000 lives lost in disaster events in H1 2016, compared to 12 000 in the same period of the previous year.
Swiss Re say that, of the total economic losses in the first half of the year, natural catastrophes made up USD 68 billion (compared with USD 46 billion in H1 2015), while the remaining USD 3 billion came from man-made disasters. Total global insured losses from natural catastrophes rose to USD 28 billion, driven by large losses from different perils, from thunderstorms to wildfires, across all regions. This is slightly above the annual average first-half loss of the previous 10 years. Insured losses from man-made disasters fell to USD 3 billion from USD 5 billion in the first half of 2015.
Thunderstorms in the US Generate Highest Insured Losses
Three separate severe weather events in the US, including large hail, caused combined insured losses of over USD 7 billion. The most intense of these was a
major convective storm in Texas in April 2016, resulting in insured losses of USD 3.1 billion, as large hailstones caused widespread property damage.
Well, looks like 2016 is going to be one for the record books. Warmest year on record. Huge floods displacing tens of thousands of people. East Coast huge forest fires burning towns, after Thanksgiving. Now, as a finale, very cold for the middle of the nation, and the Arctic gets another shot of heat. Record low Sea Ice, both in the Arctic and Antarctic. I think that 2017 will also be a very interesting year.