Skip to main content

Natural Disaster Insurance Covered $90B Losses in 2018

February 20, 2019: The economic costs of 2018 natural disaster events came to US$225 billion with insurance covering US$90 billion of the overall total, according to “Weather, Climate & Catastrophe Insight – 2018 Annual Report" published by Aon.

The insurance and reinsurance broker said that this makes 2018 the fourth costliest year on record of insured losses.

Economic losses from natural catastrophes and severe weather events around the globe cost the economies of the world $225 billion, meaning that the protection gap, or portion of economic losses not covered by insurance, was 60% which Aon says is the lowest level since 2005.

The biggest driver for natural catastrophes in 2018 was the tropical cyclone peril following several significant landfalling storms, including Hurricane Michael and Hurricane Florence (United States), Typhoon Jebi and Typhoon Trami (Japan), Typhoon Mangkhut (Asia), and Typhoon Rumbia (China). Each of those storms minimally caused at least USD4 billion in damage.


The costliest global peril around the world since 2000 has been tropical cyclone. This has largely been driven by extreme loss years in 2018, 2017, 2012, 2005, and 2004, which account for nearly USD848 billion of the USD1.25 trillion total alone. The next two perils – flooding and earthquake – are often most frequent and significant in parts of Asia. Perhaps most noteworthy in this analysis is the cost of drought. At USD372 billion, the peril has averaged slightly less than USD20 billion in annual losses in the 21st Century.

Global human fatalities due to natural disasters in 2018

More than 10,000 people sadly lost their lives to natural disasters in 2018. Approximately 79 percent of fatalities occurred in the Asia Pacific region. Floods generally were responsible for approximately 36 percent of worldwide fatalities, followed by the earthquake peril, which resulted in 31 percent of deaths. 

Full report can be retrieved from: http://thoughtleadership.aonbenfield.com/Documents/20190122-ab-if-annual-weather-climate-report-2018.pdf

Popular posts from this blog

Small earthquake recorded in New York today

October 29, 2019: A small earthquake of magnitude 1.3 has been recorded in New York, the United States Geological Survey reported.
According to the USGS, the earthquake occurred at 08:09 pm. The epicenter was located at 4 km depth.
The earthquake's epicenter was located about 1.5 km E of Mamaroneck, New York, United States.
No damage is expected from this earthquake.
The New York city area isn't the active seismic area. The largest earthquake was of magnitude 5.0 in this area in 1884.
Main Post: Recent Natural Disasters List October 29, 2019

Davao earthquake October 16, 2019: One dead, dozens injured in Philippines

October 16, 2019: One people died and dozens have been injured after a magnitude 6.3 earthquake rattled Philippines Wednesday night.
According to the ABS-CBN television network, a girl was hit by collapsed wall in a house and died in Datu Paglas town in Maguindanao province.
The epicenter was located 23 kilometers southwest of Makilala town in North Cotabato.
More than 20 people were injured in Magsaysay town in Davao del Sur province of Philippines.
Local officials have called off classes in  the cities of Davao, Cotabato and Cotabato province to allow engineers to check the integrity of building structures, Inquirer reported.
"All classes in public and private schools in Davao City from kindergarten to post-graduate studies are hereby suspended tomorrow, Thursday,” Davao City Mayor Sara Duterte said in a statement.
A fire broke out in a shopping mall in southern General Santos city shortly after the quake hit.
According to the Hawaii-based Pacific Tsunami Warning Center, no de…

Mauritius storm "Giovanna" now enters Madagascar

Disaster Report:Cyclone Giovanna Is Predicted To Grow To A CAT III, With Winds Between 178 To 210km/h. Landfall In Madagascar on February 13. Residents Of Madagascar Need To Prepare For Heavy Rainfall And Flooding
Want To Share!! Let Others Know
                                          Fill this Disasterform or write in comment section below
       Follow Disaster Report @ facebook (Disaster Report), twitter (Disaster_Update) and Google +(Disaster report) Keep This Page Open Or Visit Later To Get Update Report
Recent Natural Disasters List

Click for Cyclone Giovanna Madagascar tracker
Kindly leave your comments below

Get updates from Disaster Report @ facebook (Disaster Report),twitter (Disaster_Update) and Google +(Disaster report)

Check Daily list Of Recent Natural Disasters Around The World With Detail Update Report. Click for Today's Natural Disasters List


The tracking map above clearly shows the position of Tropical Cyclone "Giovanna" . It is currently moving towards land (A…

Tibet/Nepal earthquake 2013 injures people

At least two tremors have been felt in Kathmandu, Nepal in interval of about 10 minutes.Updates below
Felt reports below in comment section. Feel free to add yours!
Update time Nepali (+5:45 UTC)
Report prepared by Ashish Khanal from Kathmandu, Nepal


Related post: List of earthquakes in Nepal in 2013

Update 09:18 A.M.
At least one people died and three others injured in China, the official Xinhua News Agency said.

Further 17 others from three tourist buses were trapped by quake-triggered landslides in Yunnan Province of China.

Update 07:25 A.M.

According to the China Earthquake Networks Center, another earthquake in the morning (not to be confused with midnight Tibet/Nepal earthquake) had magnitude of 5.9 in the border of southwest China's Yunnan and Sichuan provinces.
The quake was felt strongly in the county seat of Deqen, Xinhua reported.
Earthquake also triggered landslides, which blocked the traffic from Deqen to Benzilan in China.

Update 06:15 A.M.
According to the Nepal Seismolog…