Global News - 2015 CAT losses far below average - Swiss Re
Source: Middle East Insurance Review | May 2016
Global insured losses from natural and man-made disasters in 2015 were US$37 billion, well below the $62 billion average of the previous 10 years, according to a Swiss Re sigma study. Of the 353 disaster events in 2015, 198 were Nat CATs, the highest ever in one year, according to sigma records.
Total economic losses from all disasters, including both natural and man-made events, were $92 billion in 2015, compared to $113 billion in 2014. Around $80 billion were due to natural catastrophes, with the earthquake in Nepal causing the most damage. Global economic losses were well below the previous 10-year annual average of $192 billion. Of the $37 billion global insured losses, $28 billion were attributed to natural catastrophes, about the same as in 2014.
The biggest insured loss of the year – an estimated property loss of between $2.5 billion and $3.5 billion – was caused by two large explosions at the Port of Tianjin in China in August.
In terms of region, Asia suffered the worst economic losses – $38 billion – with the Nepal earthquake alone amounting to $6 billion. The earthquake in Nepal was also the biggest disaster of the year globally, killing close to 9,000 people, the largest loss of life in a single event.