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Sarah Veysey

Global insured losses from disasters reach $21B in first half: Swiss Re

August 27, 2014 - 8:44am

Global Disasters Cost Insurers $21 Billion


Worldwide insured losses from disasters totaled about $21 billion in the first half of 2014, down from $25 billion in the comparable period last year and lower than the 10-year average for first-half losses of $27 billion, according to a report by Swiss Re Ltd. released Wednesday.

Economic losses from disasters in the first half of 2014 were $41 billion, according to the Swiss Re sigma report, compared with $59 billion in the first half of 2013.

According to the report, $19 billion of the overall insured losses in the first half of 2014 came from natural catastrophe events, compared with $21 billion in the first six months of 2013.

The most costly insured disaster in the first half of 2014 was an event with severe thunderstorms and hail in the United States in May that caused insured losses of $2.6 billion.

Windstorm Ela, which hit parts of Belgium, France and Germany in June, resulted in insured losses of $2.5 billion, according to the study, while a snowstorm in Japan in February also resulted in insured losses of $2.5 billion.

Snowstorms and prolonged cold temperatures in the eastern and southern United States in January caused $1.7 billion in insured losses, while thunderstorms and tornadoes in the United States in May caused insured losses of $1.1 billion.

The report can be viewed here.

 



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