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Global natural disaster costs more than double to $136bn

Geoff Riley

20th December 2017

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The reinsurance company Swiss Re estimates that natural and manmade disasters created $136bn of insured losses in 2017, double the 2016 figure and well above the 10 year average of $58bn.

For example, after 12 years with no major #hurricanes making US landfall, Hurricane Harvey, Hurricane Irma and Hurricane Maria have made 2017 the second costliest hurricane season on sigma records after 2005.

Disaster events claimed more than 11 000 victims in 2017.

According to the World Bank, there are around 4-times as many natural disasters (when 10+ people are killed or 100+ affected) today than there were in the 1960s.

Total economic losses from natural and man-made disasters in
2017 are estimated to be USD 306 billion, up from USD 188 billion in 2016. Find out more about losses across the globe here: https://t.co/5uzoLjOZlI pic.twitter.com/t5xUEu8CQF
— Swiss Re (@SwissRe) December 20, 2017

Global natural disaster costs more than double to $136bn https://t.co/2hanMCIceK
— Financial Times (@FT) December 20, 2017

2017 global insured disaster losses estimated at $136bn: Swiss Re https://t.co/dMLLJ3eQ3P pic.twitter.com/2dJM5B5c4c
— Artemis.bm (@artemisbm) December 20, 2017

Cost of global disasters 'jumps to $306bn in 2017' https://t.co/cOnt54GYao
— BBC World Business (@BBCWorldBiz) December 21, 2017

The 10 most significant natural disasters worldwide by death toll from 1980 to 2016

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Geoff Riley

Geoff Riley FRSA has been teaching Economics for nearly forty years. He has over twenty years experience as Head of Economics at leading schools. He writes extensively and is a contributor and presenter on CPD and Revision conferences in the UK and overseas.

@tutor2uGeoff

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