Connect with us

Hi, what are you looking for?

Capital Business
Capital Business
A full 92 billion dollars of those losses were caused by three hurricanes -- Harvey, Irma and Maria -- that battered the United States and the Caribbean.

Finance

Natural disasters in 2017 cost record $144 bn: Swiss Re

Hurricanes – Harvey, Irma and Maria – that battered the US & the Caribbean have been billed at $92 billion in losses.

ZURICH, Switzerland, Apr 10 – The cost of natural disasters hit a record $144 billion (117 billion euros) last year, a study from one of the world’s top reinsurance firms, Swiss Re, said Tuesday.

A full $92 billion of those losses were caused by three hurricanes – Harvey, Irma and Maria – that battered the United States and the Caribbean, the report said.

The company’s chief for catastrophes, Martin Bertogg, warned that insurers need to be prepared for more years that see multiple, severe hurricanes.

“This is important from a risk management perspective, as it will help insurers – and, ultimately society – be better prepared for similar magnitude events in the future,” Bertogg said in a statement.

Swiss Re also described 2017 as “a record year for wildfires”, with such blazes resulting in $14 billion worth of insurance losses, also a record.

The heaviest wildfire damage occurred in the United States and Canada, while Portugal also suffered “uncontrollable” forest fires caused by high temperatures and strong winds, the study said.

Multiple insurers reported severe financial losses linked to the string of significant natural disasters in 2017.

Overall, natural and man-made disasters triggered $337 billion in economic losses last year, double the 2016 mark, according to Swiss Re.

Experts say that the impact of weather disasters like hurricanes, storm surges, heatwaves and extreme rainfall is worsening, consistent with predictions about climate change.

Advertisement. Scroll to continue reading.
Click to comment
Advertisement

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Headlines

NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Coronavirus

NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...

Kenya

NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...

Coronavirus

NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...

Headlines

NAIROBI, Kenya, Mar 16 – The World Bank has given the Kenyan government USD 60 Million (Sh6.1 billion) to help combat the deadly coronavirus pandemic...