Global insured losses of $144 bn in 2017 were the highest ever, economic losses of $337 bn 2nd highest

Swiss Re reports that Hurricanes Harvey, Irma and Maria caused combined insured losses of $92 bn, equal to 0.5% of US GDP.

“The storms’ individual insured losses were divided as follows: Harvey USD 30 billion, Irma USD 30 billion and Maria US 32 billion. …A main feature of the 2017 North Atlantic hurricane season was the heavy water component of storms, and the associated contribution of water damage to the overall losses. For example, Harvey unleashed an unprecedented amount of accumulated rain, causing catastrophic flooding in some of the most populated areas of the Gulf Coast, including Houston. Around 200 000 homes were flooded and 500 000 vehicles damaged. Total economic losses resulting from Harvey were USD 85 billion.”

“Global losses from wildfire events have increased over recent decades, and there were many major fires in 2017. The combined insurance losses from all wildfires worldwide were USD 14 billion, the highest ever in a single year.”

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