Natural Disasters Set a Record $135 Billion in Claims in 2017
And this may be the new normal, according to one agency.
Hurricanes, wildfires and earthquakes did a record amount of damage this past year, according to Munich Re, a German-based reinsurer.
According to , the insurance industry was hit with a record-high $135 billion bill. Overall losses, including the uninsured, topped $330 billion. 2017 was the second most costliest year in history behind 2011, when the Tohoku earthquake in Japan caused $354 billion in today’s dollars.
The U.S. share of losses in 2017 was higher than average: 50 percent as compared to the long-term average of 32 percent.
Related: Staying on Course Despite the Ravages of Hurricane Maria
In a year that saw a frightening abundance of catastrophic events that destroyed property and lives, Hurricane Harvey was the costliest disaster of 2017, doing $85 billion in damages. Ernst Rauch, head of Munich Re’s Corporate Climate Center, which monitors climate change risks, told he expects more frequent extreme events in years to come.
“We have a new normal,” he said. “2017 was not an outlier.”
Related: 5 Ways You Can Help Mexico After the Deadly Earthquake
Hurricanes, wildfires and earthquakes did a record amount of damage this past year, according to Munich Re, a German-based reinsurer.
According to , the insurance industry was hit with a record-high $135 billion bill. Overall losses, including the uninsured, topped $330 billion. 2017 was the second most costliest year in history behind 2011, when the Tohoku earthquake in Japan caused $354 billion in today’s dollars.
The U.S. share of losses in 2017 was higher than average: 50 percent as compared to the long-term average of 32 percent.
Related: Staying on Course Despite the Ravages of Hurricane Maria
In a year that saw a frightening abundance of catastrophic events that destroyed property and lives, Hurricane Harvey was the costliest disaster of 2017, doing $85 billion in damages. Ernst Rauch, head of Munich Re’s Corporate Climate Center, which monitors climate change risks, told he expects more frequent extreme events in years to come.
“We have a new normal,” he said. “2017 was not an outlier.”
Related: 5 Ways You Can Help Mexico After the Deadly Earthquake
