‘$34bn global insured disaster losses well below 10-yr average’

There were $34bn insured losses from natural catastrophes and man-made disasters this year, according to preliminary figures from Swiss Re. This is almost half the 10-year average of $64bn and 24 percent lower than the $45 billion recorded in 2013.

Swiss Re numbers show that $29bn of the losses were caused by natural catastrophic events, compared with $37bn last year and a 10-year average of $57bn. Man-made disasters accounted for the remaining $5bn in 2014.

Total economic losses from natural catastrophes and man-made disasters stand at $113bn in 2014, down from $135bn last year. The average loss over the last 10 years is $200bn. Natural catastrophes caused $106bn of damage this year, compared to $126bn in 2013. The average annual natural catastrophic loss figure for the previous 10 years is $188bn.

Disaster events have claimed around 11,000 lives this year compared with 27,000 in 2013.

The most costly insured natural catastrophe loss in 2014-in terms of property damage and business interruption but excluding liability and life insurance claims-was caused by thunderstorms and hail in the US May this year. They resulted in insured losses of $2.9bn.

The next biggest insured loss of $2.7bn was caused by wind and hail storms across France, Germany and Belgium in June.
Next came Japanese snowstorms that resulted in $2.5bn of damage in February. The fourth largest insured loss ($1.7bn) was the result of snowstorms in the US in January.
The North Atlantic hurricane season was relatively mild again in 2014. For the ninth year running no major hurricane made landfall in the US. However, Mexico was impacted by Hurricane Odile from the East Pacific in September. Strong winds and heavy rains resulted in insured losses of $1.6bn.