Largest ‘Natural Disasters’ in 2014 Cost $110B: Munich Re

2014 Costliest Catastrophes: Cyclone HUDHUD, Storms, Floods, Earthquake, Drought

Some 980 disasters left at least 7,700 people dead globally and cost about $110 billion in damages, according to Munich Re.

The five costliest ‘natural catastrophes’ were Cyclone HUDHUD in India (cost of $7 billion), winter damage in Japan ( $5.9 billion), floods in India & Pakistan ($5.1 billion), earthquake in China ($5 billion) and drought in Brazil ($5 billion), said the reinsurance company based in Munich, Germany.

The greatest losses in North America last year were due to an unusually cold winter, with heavy frost lasting for weeks in many parts of the USA and Canada, as well as heavy snowfalls and blizzards, especially on the East Coast, said a report.

Total cost of damage and the economic loss from a magnitude 6.0 earthquake that struck Napa Valley, California on 24 August was more than $700m.

[Source: Münchener Rückversicherungs – Gesellschaft, Geo Risks Research, NatCatSERVICE]

[NOTE: The above report by Munich Re appears to be limited in scope. FIRE-EARTH]