Global - Catastrophes in 1H create US$37 bln in economic losses
Source: Middle East Insurance Review | Sep 2015
Total economic losses from Nat CATs and man-made disasters reached US$37 billion in the first half of 2015, according to preliminary sigma estimates. The global insurance industry covered nearly 45% (US$16.5 billion) of these losses, higher than the previous 10-year average cover of 27%.
Around 18,000 people lost their lives in disasters in the first half of 2015, up from more than 4,800 in the first half of last year. The earthquakes in Nepal and heatwaves in India and Pakistan claimed the highest number of victims.
Nat CATs caused total economic losses of $33 billion in the first half of this year, well below the $54 billion in the same period last year and the average first-half year loss over the previous 10 years ($99 billion).
Of the overall insured losses, $12.9 billion came from natural disasters, down from nearly $20 billion in the first half of 2014 and below the average first-half year loss of the previous 10 years ($25 billion). The costliest Nat CATs for the insurance industry resulted from severe winter weather and thunderstorms in the US and Europe.
Man-made disasters triggered $3.6 billion in overall insurance losses in the first six months of 2015.