Natural catastrophes continue to be responsible for the majority of insured and economic losses around the world, but man-made disasters also are having a significant effect.
According to a new report from Swiss Re, "Natural catastrophes and man-made disasters in 2015: Asia suffers substantial losses," there were 353 disaster events in 2015, of which 198 were natural catastrophes—the highest ever recorded in one year, with 155 man-made events.
The report also found that total economic losses caused by 2015′s disasters reached $92 billion, down from 2014′s $113 billion, and below the inflation-adjusted average of $192 billion for the previous 10 years.
Global insured losses
Global insured losses in 2015 totaled $37 billion, significantly below the inflation-adjusted previous 10-year average of $62 billion—attributable in large measure to what the report calls a "benign" hurricane season in the U.S.
Of the insured losses in 2015, natural catastrophes accounted for $28 billion (about the same as 2014), while man-made disasters totaled $9 billion (up from $7 billion in 2014).
The "prize" for the largest insurance loss event—either natural catastrophe or man-made disaster—goes to the two explosions at the Port of Tianjin in China, which are considered one event.
The property claims are estimated at $2.5 billion to $3.5 billion. It's difficult to obtain exact numbers, the report notes, because of restricted access to and the imposition of exclusion zones at the site of the explosions.
The next largest event in 2015 was a far-reaching February winter storm in the U.S., resulting in insured losses of $2.1 billion. Although Massachusetts was the hardest hit, the storm caused widespread damage in 17 states, mainly from burst frozen water pipes, the weight of ice and water damage to property.
Regional Highlights
The report also noted losses by region:
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Europe: Natural catastrophes and man-made disasters caused total economic losses of $13 billion in 2015, of which $6 billion were insured. The main natural catastrophe losses came from heavy rains and flooding. The primary man-made disasters were the attack on the offices of Charlie Hebdo magazine and the terrorist attacks in Paris.
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Asia: The total cost of disaster events in Asia was estimated at $38 billion, of which a little more than $7 billion was insured. Total losses from the Nepal earthquake were estimated at $6 billion, most of which was uninsured. With respect to insured losses, the largest natural catastrophe was Typhoon Goni, with losses at $1.2 billion.
The report also noted losses in Latin America and the Caribbean, Oceania and Africa, analysis of which can be found at SwissRe.com.
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