Disasters Cost Economy $175 Billion, Insurers $54 Billion in 2016 (Swiss Re)

Zurich – Disasters created total economic losses of $175 billion and cost insurers $54 billion in 2016, said reinsurer +Swiss Re+ on Tuesday in a revised study.

“The losses in 2016 – both economic and insured – were the highest since 2012 and reversed the downtrend of the last four years,” +Swiss Re+ said.

The world’s second-largest reinsurer said that natural catastrophes and man-made disasters claimed 11,000 lives in the previous year.

The figures showed an increase on initial estimates provided by the reinsurer in mid-December, which placed financial losses above $158 billion and insured losses at $49 billion at least.