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Disasters : the quatirème insured losses are the highest in history in 2018

by

Andrea Lubeck

9 January 2019 13:30

Photo : Freepik

Of the estimated preliminary Swiss Re Institute and Munich Re put the year 2018 the fourth years of the most expensive in history in terms of insured losses. On a global scale, Swiss Re estimated at 79 billion u.s. dollars (G$ US), while analysts Munich Re’s say 80 US$. billion. Meanwhile, the total economic loss range between 155 billions of US$ and 160 US$. billion.

Despite its place at the top of the highest insured losses, 2018 presents a clear improvement compared to the previous year, where the insured losses had reached US$ 150b and the economic losses of 350 billion US dollars.

However, the insured losses of 2018 are above the annual average of the last ten years, 71 G US$.

An accumulation of small and medium-sized disasters

Swiss Re asserts that there has not been a natural disaster different from the others in 2018, unlike 2017 where the disaster combining the hurricanes Harvey, Irma and Maria had been the most important of the year. It has instead is a set of disasters of small and medium sizes which are summed to arrive at insured losses significant.

“Just like last year, the losses of the series of events of 2018, highlights the growing vulnerability of the continual increase of the concentration of people and properties on the coast and in the city interface-wildlife, explain the authors of the report. The very presence of human beings and properties in these areas means that extreme weather conditions can quickly turn into disasters in terms of losses inflicted. “

The hurricanes weigh heavily in the balance

The hurricanes that occurred in the United States have caused one-fifth of total economic loss, estimated to Munich Re. “After starting the season relatively quiet in the North Atlantic, a flurry of hurricanes that occurred at the beginning of September,” says the reinsurer. On a global scale, cyclones caused economic losses of 56 billion US dollars.

The most costly was hurricane Michael, whose economic losses are estimated to be approximately$ 16 billion US. Of the total, 10 billion US dollars were insured. The economic damage resulting from hurricane Florence have reached 14 billion US dollars, including 5 billion US dollars were insured.

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