Last year was relatively quiet when it came to catastrophe claims, both globally and in the U.S., and early forecasts say this year is likely to follow suit.
Total insured losses from natural disasters were $16.1 billion in 2015, with nearly 60% of these losses coming from severe thunderstorms. Hurricane activity, suppressed by strong El Nino forces, resulted in a mere $60 million of insured losses, well below the 10-year average of $6.5 billion.
Historically, hurricanes are responsible for the great majority of catastrophe claims. Among the 10 most expensive U.S. natural disasters, seven are hurricanes, collectively totaling nearly $125 trillion in damages — and that’s just since Hurricane Andrew struck the Atlantic Coast in 1992. Other high-cost catastrophes include earthquakes, tornadoes and fires, all of which make an appearance on our list.
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