A new report from Zurich-based reinsurance giant Swiss Re finds that total economic losses from disaster events during the first six months of 2016 rose 38 percent to $71 billion, as compared with the same period in 2015.

The damage cost insurers $31 billion, a 51 percent increase from last year.

The leading causes of the losses were earthquakes in Japan, thunderstorms throughout much of the United States and Europe, and the massive wildfires in Canada.

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Natural catastrophes comprised $68B of losses


Of the $71 billion in economic losses, natural catastrophes comprised $68 billion of the losses, an increase of $22 billion over 2015. Thunderstorms were the leading cause of the losses in the United States because of three separate weather events involving massive hail damage and high winds, which caused over $7 billion in losses. An April storm in Texas resulted in $3.1 billion in insured losses primarily because of hail damage. Manmade insured disasters accounted for $3 billion in covered losses, $2 billion lower than those in 2015.

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Patricia L. Harman

Patricia L. Harman is the editor-in-chief of Claims magazine, a contributing editor to PropertyCasualty360.com, and chairs the annual America's Claims Event (ACE), which focuses on providing claims professionals with cutting-edge education and networking opportunities. She covers auto, property & casualty, workers' compensation, fraud, risk and cybersecurity, and is a frequent speaker at insurance industry events. Contact her at [email protected]