Natural catastrophe losses in 2016 at four year high
Thursday, 01 05 2017, Category: Nature, Country: World
Natural catastrophe losses have soared to a four year high after devastating earthquakes and powerful storms shook the globe in 2016, lifting insured catastrophe losses for the year to $50 billion, according to Munich Re.
Economic losses totalled US$ 175bn, a figure two-thirds higher than 2015 losses and nearly matching 2012 figures of $180bn.
At 70% the protection gap, which is the gap between economic losses and those covered by insurance or reinsurance, remained substantial; only around 30% of the losses, some US$ 50bn, were insured.