Insured losses from disasters rose 42% to $54 billion last year, according to Swiss Re. That's the highest since 2012 and the equivalent of 0.07% of global gross domestic product.
Floods in Europe, the U.S. and China; earthquakes in New Zealand, Ecuador, Japan; wildfires in Canada; and hailstorms in the U.S. caused the most severe economic damages, the Zurich-based insurer said in its Sigma study on Tuesday. Weather-related catastrophes consistently cause the highest amount of annual insured losses worldwide.
Six in 10 catastrophes last year were caused by nature, accounting for almost 95% of economic disaster losses. The number of natural catastrophes has topped man-made ones for the past seven years.
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