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Insurance: the cost of natural disasters jumped by 37 % in 2017

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Economic losses linked to natural and man-made disasters are expected to reach 306 billion dollars (258 billion euros) in 2017, against 188 billion last year, according to the first estimates of Swiss reinsurer Swiss Re published on Wednesday 20 December.
 
The losses borne by insurers have also risen sharply, with the bill for insurance companies estimated at USD 136 billion, compared to USD 65 billion in 2016, the Zurich group said in a press release.
 
The year 2017, marked by hurricanes Harvey, Irma and Maria which hit the Caribbean and the southern United States, is thus the third most expensive year for insurers, the Swiss reinsurer, which has been keeping an annual account since 1970, pointed out.
 
The costs accelerated in the second half of the year with the hurricanes which alone generated 93 billion in damages covered by insurances, Swiss Re evaluated, adding that the bill for insurers is not yet final given the extent and complexity of the damage.
 
Then there were the fires in California, with property damage to be covered by insurers currently estimated at $7.3 billion.
 
The year was also marked by the earthquakes in Mexico, whose costs to insurers are estimated at more than $2 billion.
 
Among the most costly disasters was also Hurricane Debbie, which hit the coastal regions of northeastern Australia in March, causing $1.3 billion in insured losses.
 
AFP

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