Disasters cost global economy $110 billion in 2014: Munich Re

Munich Reinsurance Co. has said that natural and man-made disasters have cost the global economy $110 billion in 2014, down from $140 billion in 2013, reported Forinsurer citing Interfax-Ukraine.

Insured losses for the period amounted to $31 billion, Munich Re said. Cyclone Hudhud that hit India in 2014 was the most expensive natural disaster during the period. Economic losses from this event totaled $7 billion. Insured losses from winter storms and snowfalls in Japan amounted to $3.1 billion, said the reinsurer.

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