Disasters cost $71bn in first half of 2016

AFP, GENEVA: From earthquakes in Japan to wildfires in Canada, disasters cost the world economy $71 billion (62 billion euros) in the first half of the year, reinsurer Swiss Re said yesterday. 
That marked a 38-per cent  increase compared with the same period a year ago, the world’s number two reinsurer said, adding that only $3.0 billion was attributed to man-made events, while the remainder was due to natural disasters.
At the same time, the human cost of disasters was far lower, with some 6,000 people dying in catastrophic events in the first half of 2016, compared with12,000 during the first six months last year.
The global insurance industry covered 44 per cent  of the disaster-linked losses, or $31 billion, up 51 per cent  from a year earlier.
Devastating thunderstorms in the United States and Europe were the costliest events for insurers during the January-June period, Swiss Re said.
Three separate severe US weather events cost insurers over $7.0 billion, it said, with a single massive storm in Texas in April raking up insurance costs of $3.1 billion after large hailstones caused widespread damage.

Disasters cost $71bn in first half of 2016

AFP, GENEVA: From earthquakes in Japan to wildfires in Canada, disasters cost the world economy $71 billion (62 billion euros) in the first half of the year, reinsurer Swiss Re said yesterday. That marked a 38-per cent increase compared with the same period a year ago, the worlds number two reinsurer said, adding that only $3.0 billion was attributed to man-made events, while the remainder was due to natural disasters. At the same time, the human cost of disasters was far lower, with some 6,000 people dying in catastrophic events in the first half of 2016, compared with12,000 during the first six months last year. The global insurance industry covered 44 per cent of the disaster-linked losses, or $31 billion, up 51 per cent from a year earlier. Devastating thunderstorms in the United States and Europe were the costliest events for insurers during the January-June period, Swiss Re said. Three separate severe US weather events cost insurers over $7.0 billion, it said, with a single massive storm in Texas in April raking up insurance costs of $3.1 billion after large hailstones caused widespread damage.