Insured losses covered only 40 percent of the world’s total economic losses from all disasters, including natural and man-made events, according to Swiss Re’s sigma study released Wednesday.
Global insured losses totaled $37 billion in 2015, well below the previous 10-year average of $62 billion.
“The relatively low level of losses was largely due to another benign hurricane season in the US,” said Swiss Re in the report. Last year was the tenth year in a row without a major hurricane finding landfall in the US.
North America had more insured losses than any other region at $17 billion. A mid-February winter storm that hit the Northeast was the biggest event causing an estimated $2 billion in damages.
Out of 353 disasters recorded in 2015, 198 were natural catastrophes, which accounted for $80 billion of the $92 billion total in economic losses.
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Josh is an Editor at Advisen in the Research & Editorial division. He is the lead editor responsible for several of Advisen’s Front Page News editions and he also originates custom research on behalf of Advisen’s largest insurance company clients. Contact Josh at [email protected].
