Hurricanes Harvey, Irma and Maria pushed natural catastrophe insurance costs to record high last year, study shows
Insured losses from catastrophes hit the highest level on record last year, rising to $144bn (£102bn), up from $56m in 2016, new research shows.
According to insurance giant Swiss Re’s latest Sigma report, insurance covered less than half of the total economic loss from natural catastrophes and man-made disasters, which hit $337m in 2017, almost double the $180bn loss recorded in 2016.
Read more How Texas is ‘building back better’ from Hurricane Harvey Of that total, $330bn came from natural catastrophe-related losses, mainly hurricanes and other weather events, while $7bn arose from man-made disasters such as terrorist attacks, major fires and explosions and maritime disasters.
More than half of the total insured losses last year were due to Hurricanes Harvey, Irma and Maria (HIM), which caused chaos in the US and Caribbean in the second half of 2017, which racked up estimated costs of $92bn. Hurricane Maria is now ranked as the third most costly event in terms of insurance lo..