Global insured losses in 2018 are estimated to be around US$79 billion, down from US$150 billion in 2017 but higher than the previous 10-year annual average of US$71 billion, according to preliminary estimates from Swiss Re AG.

Natural catastrophes dealt US$71 billion in insured losses, and manmade disasters accounted for the remaining US$8 billion. Swiss Re said that based on its records, 2018 was the fourth-costliest year in terms of losses covered by the insurance industry.

Swiss Re noted that there was no singular major natural catastrophe event in 2018, but the aggregated losses from a number of smaller and midsize events, along with some major manmade disasters, caused sizable overall insured losses.

Total economic losses from natural and manmade catastrophes came in at US$155 billion in 2018, down from US$350 billion in the prior year. Natural catastrophes accounted for US$146 billion of the losses, while manmade disasters dealt US$9 billion in losses.