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Friday, 05 January 2018 16:21

2017 SETS RECORD FOR HIGHEST INSURED DISASTER LOSSES

Munich Re has released its 2017 catastrophe review, and disaster related insured losses for the year are the highest on record at $135 billion.

The record losses are driven by the costliest hurricane season ever in the United States and widespread flooding in South Asia. Overall losses, including uninsured damage, came to $330 billion.

The United States made up about 50 percent of global insured losses in 2017, compared with just over 30 percent on average. Hurricane Harvey, which made landfall in Texas in August, was the costliest natural disaster of 2017, causing losses of $85 billion. Together with Hurricanes Irma and Maria, the 2017 hurricane season caused the most damage ever, with losses reaching $215 billion.

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http://www.iii.org/insuranceindustryblog/?p=5709