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Insured losses from catastrophes to total $136B in 2017, Swiss Re says

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Insured losses from catastrophes to total $136B in 2017, Swiss Re says

Swiss Re AG estimated total insured losses from natural and man-made catastrophes in 2017 at $136 billion, up from $65 billion in 2016.

The U.S. and the Caribbean were particularly badly affected by catastrophes in the second half of the year, including by hurricanes Harvey, Irma and Maria. California was struck by wildfires, and Mexico was hit by two strong earthquakes in September.

Harvey, Irma and Maria caused almost $93 billion of insured losses, Swiss Re estimated in its sigma study. Natural catastrophes accounted for $131 billion of 2017's total insured losses, with man-made disasters accounting for the remaining $5 billion.

Wildfires in California impacted both residential and commercial property, resulting in combined insured property losses of $7.3 billion, according to preliminary estimates from Property Claims Services cited by Swiss Re.

Total economic losses from catastrophes in 2017 are set to hit $306 billion, up from $188 billion in 2016, Swiss Re said.