2016 Disaster Damage Highest in 4 Years: Munich Re

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.

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]

2008 second worst year for disaster losses

Disaster losses in 2008 are about $160 billion, so far, insurers Munich Re Foundation say

Only 2005 saw a bigger financial toll of $220 billion, with a large contribution from hurricane Katrina.

China’s Sichuan quake which struck in May, was the costliest disaster in 2008 so far. However, it should be noted that outside the U.S. and EU,  natural disaster losses are far less likely to be covered by insurance.

According to a joint study by Munich Re and the U.N. Environment Program, weather-related disasters caused by global warming are rising.

“Since the 1980s… weather-related hazards such as major floods have increased by as much as 350 percent and those from wind storms have doubled,” the report said.

Meanwhile, the Colorado State University hurricane research team said 2009 would be another “above-average” hurricane season like 2008. They forecast 14 tropical storms in the 2009, including seven that would develop into hurricanes, with three being dangerous Category 3 or above on the Saffir-Simpson scale.

FEWW Tropical Storm Forecast will be release early 2009. Stay tuned!

Related News Links:

• 2008 one of worst years for disaster losses: insurer
• Forecasters see active 2009 hurricane season

Related Links:

• Index of Human Impact on Nature
• Early “Dividends” of Climate Change
• 500 Weather-Related Disasters A Year [and counting]
• Food Crisis
• Failing Ecosystems