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The natural disasters of 2018 had the least of losses since 2005

by

Justine Montminy

11 July 2018 13:30

Photo : Freepik

The natural disasters of the first six months of 2018 resulted in losses amounting to us $ 33 billion (US$ b), which is the lowest level since 2005, reports Munich Re.

These losses represent approximately half of the losses recorded at the same date last year, which amounted to 68.3 billion US dollars. The first half of 2018 resulted in insured losses of 17 billion US dollars from 25.5 billion US dollars last year.

Provide a vision over the long term

“After a period of disasters, extreme loss records, it’s good to be able to record a phase with low losses. By contrast, watching only a short period of time can distort a little the true picture of the situation. The most important thing is to understand the developments in the long term. This is why we must continue to make every effort to understand the context of natural disasters and provide them with guarantees in the form of measures of prevention-smart “, explains the member of the board of directors of Munich Re Torsten Jeworrek.

Although losses are lower than usual, the reinsurer remember that the second half of the year would expect more losses. It gives as an example the hurricanes Harvey, Irma and Maria, which have led to the loss of 340 billion US dollars over the past year.

Storms costly in the United States

According to the monthly report of natural disasters ofAon Benfield, several violent storms have caused flooding and significant damage to the United States in the month of June. These events, which have affected two-thirds of the country have totaled losses of$ 4 billion US. Insurers have had to pay US$ 3 billion.

According to the NOAA”S Storm Prediction Center, tornadoes, hail, and high winds of June would represent 45% of all storms reported in the first six months of 2018.

Losses reported in Canada

Canada has also been affected by the violent storms in June, reports Aon. Primarily, it is the area of Ontario that has been affected, with losses amounting to around 10 million us dollars (US$ M).

Storms were also reported in Saskatchewan and Manitoba last month. The economic losses and insured amounted to a few million us dollars.

These events are in addition to the harsh winter experienced by the country. Canada has recorded large losses, caused by winter storms and floods.

 

 

Severe winter for North America

The winter was harsh for the whole of North America, particularly the east coast. The beginning of the month of march has been marked by a blizzard important to have caused losses of US$ 2 billion of which 1.6 billion US dollars were insured, reports Munich Re.

The total losses of the winter on the continent amounted to 3.8 billion US dollars and insured losses to$ 2.7 billion US.

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