Disaster events cost insurers a record USD 144 billion in 2017

Global insured losses from disaster events were USD 144 billion in 2017, the highest-ever recorded in a single year, according to the latest sigma study from the Swiss Re Institute.

"Insured losses from natural and man-made disasters worldwide in 2017 were the highest ever recorded in a single year. The insured loss total was USD 144 billion, compared with global economic losses of USD 337 billion (almost double the losses in 2016 and the second highest on record), leaving a worldwide catastrophe protection gap of USD 193 billion."

The biggest losses came from Hurricanes Harvey, Irma and Maria (HIM), which cost insurers USD 92 billion - equal to 0.5% of US GDP, with economic damages of USD 217 billion, said the report: "The main driver of the high insured losses was an active hurricane season in the North Atlantic. In particular, the HIM hurricanes, which all reached category 4+ intensity, left a trail of destruction across the Caribbean Islands, Puerto Rico, Texas and parts of western Florida. (...) The storms' individual insured losses were divided as follows: Harvey USD 30 billion, Irma USD 30 billion and Maria US 32 billion."

As a result, sigma noted, 2017 was the second costliest North Atlantic hurricane season since 2005.

At the same time, record-breaking losses from wildfires across the globe cost insurers USD 14 billion in 2017, which was "the highest total ever reported in a single year."

In terms of sigma criteria, there were 301 catastrophes worldwide in 2017, down from 329 in 2016. More than 11,000 people lost their lives or went missing in disaster events last year, and millions were left homeless. Natural catastrophes claimed more than 8,000 victims.



Related articles

FIRST AND THE ONLY ONE IN AZERBAIJAN

AzRe Reinsurance OJSC is the first and the only reinsurer on Azerbaijan market. The company was founded in 2007, total equity of the company as of January 01, 2018: AZN 77.3 million (~EUR 38.06 million) * and total assets exceed AZN 102.2 million (~EUR 50.33 million). Share capital of AzRe Reinsurance is AZN 50 million (~EUR 24.6 million). Net profit in 2017 was AZN 21.4 million (~EUR 10.53 million). Total income for 2017 was AZN 54.6 million (~EUR 26.88 million) and total expenses amounted to AZN 28.8 million (~EUR 14.18 million). Paid income tax amounted to AZN 4.4 million (~EUR 2.16 million) from the gross profit of AZN 25.8 million (~EUR 12.7 million). In 2017 reinsurer generated AZN 50.4 million (~EUR 24.81 million) of GWP. Market share is 43% of all outgoing reinsurance in Azerbaijan.

2018-04-20

What re/insurance professionals are already on FIAR 2018's list of speakers?

Specialists from ICMIF - International Cooperative Mutual Insurance Federation and PensionsEurope, representatives of national insurance associations from Austria and Turkey, as well as professionals representing SWISS Re, GEN Re and AUDATEX are just a few of the speakers who have already confirmed their presence at FIAR 2018 - The International Insurance-Reinsurance Forum.

2018-04-19

ON THE MOVE

Zurich: leadership transition in EMEA business

Currently group CEO of AXA UK and Ireland, Amanda BLANC will also join the executive committee at ZURICH, with the handover scheduled to complete in the fourth quarter of 2018. BLANC is to succeed Gary SHAUGHNESSY as CEO of ZURICH Insurance's EMEA business.

12.04.2018

TOP EVENT

What re/insurance professionals are already on FIAR 2018's list of speakers?

Specialists from ICMIF - International Cooperative Mutual Insurance Federation and PensionsEurope, representatives of national insurance associations from Austria and Turkey, as well as professionals representing SWISS Re, GEN Re and AUDATEX are just a few of the speakers who have already confirmed their presence at FIAR 2018 - The International Insurance-Reinsurance Forum.

19.04.2018

photodune-3834701-laughing-girl-xs

LIVE: Moscow, Russia: The XXII International Reinsurance Conference

The XXII International Reinsurance Conference has started today in Moscow, organized by Delovoy Format, with the support of the Russian Insurers Association. XPRIMM, the traditional Media Partner of the conference, has launched on the occasion the latest edition of its Insurance Profile Russia, providing for 2017 insurance statistical data.

11.04.2018

photodune-3834701-laughing-girl-xs

The 4th edition of the European Consumer Protection Conference: Main conclusions

The European Consumer Protection Conference, taking place on Thursday, 22 March, in Prague, brought into debate the consumer environment in the current European regulatory and economic landscape, the upcoming legislative changes that will benefit consumers and users of insurance and private pension products, as well as digitalization and the impact of technological advances in the field of financial services.

22.03.2018

See all