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Catastrophe claims ‘highest in four years’

Reinsurance broker Aon Benfield and reinsurers Munich Re and Swiss Re have published varying estimates of last year’s global catastrophe losses.

Aon Benfield counts 315 separate events, causing economic losses of $US210 billion ($277.52 billion) and insured losses of $US54 billion ($71.36 billion).

The deadliest event was the April earthquake in Ecuador that killed at least 673 people.

Quakes in Japan the same month rated as the costliest single loss event, with damage estimated at $US38 billion ($50.22 billion). This was also the most expensive event for the insurance industry at $US5.5 billion ($7.27 billion).

Aon Benfield says the top three perils – flooding, earthquake and severe weather – combined for 70% of all economic losses.

And while at least 72% of catastrophe losses occurred outside the US, it still accounted for 56% of global insured losses.

Munich Re says last year’s natural catastrophe economic losses totalled $US175 billion ($231.27 billion) – up two-thirds on 2015.

It says the share of uninsured losses remained substantial at about 70%.

Swiss Re estimates economic losses from natural catastrophes and man-made disasters for the year at $US158 billion ($208.8 billion), with insured losses at $US49 billion ($64.75 billion).

Its figures are up from $US94 billion ($122.42 billion) and $US37 billion ($48.9 billion) respectively in 2015.