Happy New Year 2016 Greeting card and Golden Sparkles Confetti. Good for Party Poster, Banner or Invitation Design. Numbers 2016, New Year 2016, Happy New Year Vector. Vector Background.Insured losses from disaster events around the world cost $49 billion in 2016, a 33 percent jump over 2015. Much of the cost stemmed from Hurricane Matthew, earthquakes, hail and thunderstorms, according to preliminary numbers from Swiss Re.

About $42 billion of that number resulted from natural catastrophe losses, with the rest coming from man-made losses. Overall, disaster events led to the deaths of approximately 10,000 people around the world, Swiss Re said.

The $49 billion figure represents a big jump over $37 billion in insured losses from disaster events in 2015, but it still falls below the 10-year average of $53 billion, Swiss Re’s sigma preliminary estimate noted.

Economic losses—both natural catastrophe and man-made—landed at $158 billion for 2016. That’s 68 percent higher than the $94 billion in economic losses produced in 2015 but below the 10-year average of $175 billion. Out of that number, $150 billion came from natural catastrophe losses, and $8 billion resulted from man-made ones.

Some of the major, damaging natural environmental events in 2016 included:

  • Earthquakes in Taiwan, Japan, Ecuador, Italy and New Zealand. An earthquake event that hit Kumamoto prefecture in Japan in April caused $20 billion in economic damages, $5 billion in insured losses and claimed the lives of 137 people. The event caused major structural damage, fires and collapsed buildings.
  • Another earthquake, which hit central Italy in August, killing nearly 300 people and destroying some small towns. Further quakes hit the region in December. Reconstruction costs could reach $5 billion, but insured losses were only $70 million, in large part due to lack of coverage.
  • October’s Hurricane Matthew, which left devastation behind in parts of the Caribbean and southeastern U.S. Economic losses landed at $8 billion, and insured losses surpassed $4 billion. Approximately 733 people died, mostly in Haiti.
  • Major hail and thunderstorms in Texas in April, which caused $3.5 billion in economic losses and $3 billion in insured losses.
  • Widespread flooding hit the U.S., Europe and Asia. The worst event was in August, when heavy rains left behind significant flooding in Louisiana and Mississippi. Economic losses came in at $10 billion, and private insured losses surpassed $1 billion. Losses covered by the National Flood Insurance Program were not included in this tally.
  • Canada’s wildfires in May, which destroyed much of the town of Fort McMurray on the west coast. Economic losses nearly hit $4 billion, and insured losses were approximately $2.8 billion. Swiss Re notes that this is one of the most expensive wildfire events in insurance industry history and the biggest-ever Canadian insurance sector loss.

Source: Swiss Re

Topics Catastrophe Profit Loss