Total economic losses from natural and man-made disasters in 2016 were at least $158 billion, according to preliminary estimates released today by Zurich, Switzerland-based re-insurer Swiss Re.
The $158 billion total is significantly higher than the $94 billion losses in 2015, and was caused by large natural catastrophes, such as earthquakes and floods, according to Swiss Re.
Insured losses were also higher in 2016 at around $49 billion, compared with $37 billion in the previous year. However, the gap between total losses and insured losses in 2016 shows that many events took place in areas where insurance coverage was low.
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