Economic losses arising from natural and man-made disasters globally soared 63 percent this year and the insured losses were the third highest since 1970, a report from the insurer Swiss Re showed Thursday.
Total economic losses from natural and man-made disasters climbed to USD 306 billion from USD 188 billion in 2016, the company said. The figure was much more than the previous decade’s average of USD 190 billion.
Global insured losses from disasters rose to USD 136 billion, which was the third highest since records began in 1970. The figure was well above the annual average of the previous 10 years.
Of the insured losses, natural catastrophes accounted for USD 131 billion of this year’s insured losses, and man-made disasters for the remaining USD 5 billion.
The US was the hardest hit country, including by hurricanes Harvey, Irma and Maria, which made 2017 the second costliest hurricane season after 2005, Swiss Re said. Wildfires in California also raised the losses.
Across the world, more than 11,000 people died or went missing in disaster events this year, similar to 2016, the company added.
The material has been provided by InstaForex Company – www.instaforex.com
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