Catastrophes Dipped in 2017 But Caused More Economic Damage: Swiss Re Sigma

July 9, 2018

Though there were fewer catastrophes globally in 2017 than the previous year, they caused significantly more damage, and the year’s historic hurricane season is largely to blame, according to the latest Swiss Re Sigma report.

In all, the reinsurer tracked 301 catastrophes in 2017 and they caused $337 billion in total economic losses, the report found. In 2016, there were 329 catastrophes that led to $180 billion in total economic losses.

That spike happened, in large part due to Hurricanes, Harvey, Irma and Maria, which struck in the 2017 second half and caused an estimated $92 billion in insured losses, according to Swiss Re estimates.

Swiss Re said the $193 billion difference between total and insured losses shows a large global protection gap for catastrophe events.

Other findings in the report:

Source: Swiss Re Sigma study: “World Insurance in 2017.”