Insured Disaster-Related Losses Hit $49B in 2016, Well Above 2015 Levels

December 15, 2016

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:

Source: Swiss Re