Global insured losses from disasters reach $37 billion in 2015

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According to the latest sigma study, global insured losses from natural catastrophes and man-made disasters in 2015 were $37 billion, well-below the $62 billion average of the previous 10 years. There were 353 disaster events last year. Of those, 198 were natural catastrophes, which is the highest number in one year, according to sigma records.

Total economic losses from all disasters, including both natural and manmade events, were $92 billion in 2015 (vs $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. Asia suffers most losses in 2015 Economic losses from all events in Asia were close to $38 billion.

The earthquake in Nepal was the biggest disaster of the year globally, killing close to 9000 people, the largest loss of life in a single event. Total losses from the Global insured losses from disasters reach $37 billion in 2015; Tianjin explosions cause biggest insured loss, Swiss Re sigma study says Nepal quake are estimated at $6 billion, which includes damage reported in India, China and Bangladesh.

Other events causing high losses in Asia included Typhoon Goni in Japan, flooding in southern India and the explosions in Tianjin. Swiss Re’s Chief Economist Kurt Karl says: “The earthquake in Nepal struck close to the capital Kathmandu, causing widespread devastation and losses, which were mostly uninsured. Yet again, tragedy has hit an areas where people are least able to protect themselves.” From cold to hot Globally the level of losses was low compared with the previous10-year annual average. This was largely due to another benign hurricane season in the US. Last year was the 10th year in succession that no major hurricane made US landfall.

Globally the level of losses was low compared with the previous 10-year annual average. This was largely due to another benign hurricane season in the US. Last year was the 10th year in succession that no major hurricane made US landfall.

Locally, according to Swiss Re, the South African droughts were the most costly national catastrophe in Africa in 2015, causing crop losses of more than USD500 million. Read more about the local droughts in our feature here.

This is crop losses only  the SA drought is the most costly Nat Cat in Africa in 2015.full report is available here.