Swiss Re Institute Estimates Global Economic Losses of USD 44 Billion From Catastrophes in the First Half of 2019
Global economic losses from natural catastrophes and man-made disasters in the first half of 2019 amounted to
Of the
Only about 42% of the global economic losses were insured (compared with 52% in the first half of 2018) as several large-scale disaster events, such as cyclone Idai in southern
Martin Bertogg, Head of Catastrophe Perils at
Secondary perils were primary loss drivers
Secondary perils such as thunderstorms, torrential rains and snowmelt caused the highest losses through wind and water damage in the first half of 2019 in many regions of the world, including the US,
As in the first half of 2018, several parts of the world also experienced heatwaves and dry weather conditions this year, with temperature records broken in several locations, particularly in
Bertogg added: "Intense heatwaves and dry spells of the like we've seen over the last few years are expected to become more frequent, exacerbating the conditions conducive to wildfires and agriculture losses. We also expect more variable rain patterns, as rising temperatures load the atmosphere with more vapour. Society will need to adapt and prepare for these increasing occurrences."
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Footnote:
1/ See sigma 2/2019 - Natural catastrophes and man-made disasters in 2018: "secondary" perils on the frontline
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