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2014 Global disaster losses cost insurers $34B

The insured losses from natural catastrophes and man-made disasters totalled USD 34 billion in 2014, the preliminary estimation by Swiss Re’s sigma research unit has shown.

According to the Swiss Re’s sigma estimation, total economic losses from natural catastrophes and man-made disasters in 2014 were USD 113 billion, down from USD 135 billion in 2013. Out of the total economic losses, insurers covered USD 34 billion in 2014, down 24% from USD 45 billion in 2013.

Around 11,000 people have lost their lives in natural catastrophe and man-made disaster events in 2014. Earthquake, flood and landslide were among the worst natural disasters to hit the world in 2014.

The total loss of life of 11,000 from natural catastrophe and man-made disaster events this year is down from the more than 27,000 fatalities in 2013.

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Related Post: 9 flood recovery steps you must know 

Of the estimated total economic losses of USD 113 billion in 2014, natural catastrophes caused USD 106 billion. Earlier, European Parliament had approved a total of €126.7 million natural disasters relied aid to help Italy, Greece, Slovenia, Croatia, Serbia and Bulgaria cope with the aftermath of natural disasters in 2013 and 2014.

The Swiss Re Group is a leading wholesale provider of reinsurance, insurance and other insurance-based forms of risk transfer.

Original post: Natural Disasters List December 7, 2014

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