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2016 Disaster Damage Highest in 4 Years: Munich Re

Posted by feww on January 4, 2017

Submitted by KBA

“Natural disaster” damage hits a 4-year high: Munich Re

Disasters caused $175 billion of damage in 2016, the highest level since 2012, reported Munich Re.

  • $125 billion of losses (71%) were uninsured.

Disaster claims last year cost the insurers about $50 billion, nearly double 2015’s payout of $27 billion.

  • Ten-year average: $45 billion

Casualties from the disasters in 2016 were 8,700 fatalities compared with 25,400 in 2015.

  • Ten-year average: 60,600

Asia

Kyushu, Japan, was hit by two earthquakes in April inflicting costs of $31 billion, while  floods in China in June and July cost $20 billion.

North America

North America experienced 160 disasters, its largest total since 1980. Wildfires, heatwaves and droughts plagued Canada, costing about $4 billion, while flooding in the southern US caused $10 billion in damage.

Hurricane Matthew, the worst disaster in the region, killed  550 people in Haiti alone and caused $10.2 billion of damage.

Europe

Summer storms across Europe triggered flooding with damage costing a total of $6 billion, in Germany as well as the French capital Paris.

  • Floods accounted for 34 percent of all losses globally.

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