Scientists are finding that climate change is having a devastating effect on wildfires, flooding, cyclones and other weather-related events. (Photo: Shutterstock)
New figures out from international reinsurer Swiss Re show that global insured losses actually dropped in 2019 to $56 billion as compared to the 2018 figure of $93 billion, and well below the average of $75 billion for the previous decade.
The company said that total economic losses from both natural and man-made catastrophes were also lower, coming in at $140 billion for 2019 compared to $176 billion in 2018. Losses attributed to natural catastrophes cost an estimated $133 billion with an additional $7 billion credited to man-made disasters. Approximately 11,000 people were reportedly killed or missing following disasters in 2019.
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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]
