Natural disaster losses below average

Make text smaller Make text larger

  • Trending lower: quiet economic and insured losses from global natural disasters for the first half of the year show 2018 is well below the average for the previous ten years, and the average since the start of the century

    Trending lower: quiet economic and insured losses from global natural disasters for the first half of the year show 2018 is well below the average for the previous ten years, and the average since the start of the century


Insurers have faced a relatively quiet first half-year when it comes claims from global natural disaster losses.

For the first six months of 2018, global natural disaster losses and insured losses are below the 10-year average, with only three single events causing economic losses of more than $2 billion.

Of the 15 separate events that caused losses of more than $1 billion, the only one that was not weather-related was the Osaka earthquake in Japan.

During the first six months of the year, global natural disaster losses were $45 billion, which is 64 per cent below the ten-year average of $124 billion. Insured losses were $21 billion, some 19 per cent below the ten-year average of $35 billion.

The figures have been calculated by the catastrophe model development team of Aon’s Reinsurance Solutions business, for the Global Catastrophe Recap: First Half of 2018 report. The document evaluates the impact of the natural disaster events that occurred worldwide in the first six months of the year.

Natural disasters claimed at least 2,153 lives during the first half of the year, the lowest number since 1986, and significantly below the long-term average of 36,570. Flooding was the deadliest peril of the first two quarters, having been responsible for at least 892 deaths.

There were an estimated 156 natural disaster events in the first six months, which was above the 18-year average of 142.

Steve Bowen, Impact Forecasting director and meteorologist, said: “The first six months featured several large-scale disasters with at least 15 individual billion-dollar economic loss events around the world.

“However, the resultant losses were largely manageable for the re/insurance industry. While first-half losses were lower than average, it is imperative to reiterate that this does not automatically correlate to a quieter second half.

“As last year proved on multiple occasions, even one singular event can completely change the trajectory of a year from a humanitarian and financial cost perspective. Identifying and understanding your individual level of risk remains an important asset in helping to mitigate potential impacts given the prospect of future events.”

The full report can be found at https://tinyurl.com/y8svw37u

You must be registered or signed-in to post comment or to vote.

Published Aug 13, 2018 at 8:00 am (Updated Aug 12, 2018 at 9:55 pm)

Natural disaster losses below average

What you
Need to
Know
1. For a smooth experience with our commenting system we recommend that you use Internet Explorer 10 or higher, Firefox or Chrome Browsers. Additionally please clear both your browser's cache and cookies - How do I clear my cache and cookies?
2. Please respect the use of this community forum and its users.
3. Any poster that insults, threatens or verbally abuses another member, uses defamatory language, or deliberately disrupts discussions will be banned.
4. Users who violate the Terms of Service or any commenting rules will be banned.
5. Please stay on topic. "Trolling" to incite emotional responses and disrupt conversations will be deleted.
6. To understand further what is and isn't allowed and the actions we may take, please read our Terms of Service
7. To report breaches of the Terms of Service use the flag icon

  • Take Our Poll

    • "What are your views on stop-and-search in today's Bermuda?"
    • Inconvenient but necessary
    • 69%
    • Wholly unproductive
    • 10%
    • Unfair targeting of young black males
    • 21%
    • Total Votes: 4697
    • Poll Archive

    Today's Obituaries

    eMoo Posts