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Munich Re: H1 sees higher natural catastrophe losses YOY

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Munich Re: H1 sees higher natural catastrophe losses YOY

Forest fires in Canada, storms in Europe and the U.S., andearthquakes in Japan and Ecuador drove up losses from global naturalcatastrophes in the first half of 2016, according to .

Natural catastrophe losses reached $70 billion in the firsthalf of 2016, compared with $59 billion in the prior-year period. Insuredlosses totaled $27 billion, compared with $19 billion in the year-ago period.

Direct losses from the wildfires that ravaged the town ofFort McMurray in Alberta totaled $3.6 billion, of which $2.7 billion wereinsured.

Heavy storms that brought hail, torrential rain and flashfloods in the U.S. and Europe resulted in overall losses of more than $20billion, of which about $12.3 billion was from a series of storms in Texas andneighboring states. The insured losses from the events in Texas and neighboringstates were $8.8 billion.

Overall losses from the storms in Europe reached $6.1billion, of which $3 billion were insured. Losses in Germany accounted for $2.8billion of overall losses and $1.3 billion of insured losses.

Two earthquakes on the southern Japanese island of Kyushuresulted in overall losses of $25 billion, of which only $5.9 billion wereinsured due to the low insurance density for earthquake risks.

The earthquake in the Pacific coast of Ecuador caused $2.5billion in overall losses and $400 million of insured losses.