Global total economic losses from natural catastrophes and man-made disasters in the first half of 2017 were $44 billion, compared with $117 billion in the first half of 2016, according to Swiss Re. Much of this can be attributed to fewer and less intense events.

Of the total losses in the first half of 2017, $23 billion were covered by insurance, down from $36 billion in the first half of 2016.

Globally, around 4,400 people lost their lives or went missing in disaster events. While the number is low relative to recent years, the toll may rise once estimates on the number of victims of Europe's severe June heat waves are included.

Thunderstorms rage throughout the U.S.

Severe thunderstorms in the U.S. resulted in the largest losses in the first six months of the year. Four separate severe weather events from February to May each caused insured losses of more than $1 billion.

The costliest event occurred in May, when a four-day long storm delivered hail throughout Colorado and strong winds through parts of southern and central states. This storm alone resulted in economic losses of $2.2 billion, with insured losses reaching up to $1.9 billion.

Extreme weather throughout 2017

The largest and most costly insurance event outside of the U.S. was Cyclone Debbie, which struck the northeastern coast of Australia in late March, leading to insured losses of $1.3 billion. Other large events included floods in Peru and severe frost damage in late spring in the southeastern part of the U.S. and in Europe.

(Photo: Swiss Re Institute)

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Global Catastrophes Cost $44B During First Half

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