2017 Set a Record for Losses From Natural Disasters. It Could Get Worse.
Insurers are set to pay out a record $135 billion to cover losses from natural disasters in 2017, the world’s largest reinsurer
said Thursday, driven by the costliest hurricane season ever in the United States and widespread flooding in South Asia.
While it was still difficult to attribute individual weather events to climate change,
he said, “our experts expect such extreme weather to occur more often.”
The United States made up an unusually high share of global insured losses last
year — about 50 percent, compared with just over 30 percent on average.
Together with Hurricanes Irma and Maria, the 2017 hurricane season caused the most damage ever, with losses reaching $215 billion.
Insured losses from weather-related disasters were at a high, making up most of the $135 billion.
“Some of the catastrophic events, such as the series of three extremely damaging hurricanes, or the very severe flooding in South Asia after extraordinarily
heavy monsoon rains, are giving us a foretaste of what is to come,” Torsten Jeworrek, a Munich Re board member, said in a statement.
Hurricane Harvey, which made landfall in Texas in August, was the most costly natural disaster of 2017, causing losses of $85 billion.