Insurers Pay Out Record $135 Billion In Natural Disaster Losses In 2017; Total Losses $330 Billion

[hatrack]

Insurers are set to pay out a record $135 billion to cover losses from natural disasters in 2017, the world’s largest reinsurer said Thursday, driven by the costliest hurricane season ever in the United States and widespread flooding in South Asia.

Overall losses, including uninsured damage, came to $330 billion, according to the reinsurer, Munich Re of Germany. That tally was second only to 2011, when an earthquake and tsunami in Japan contributed to losses of $354 billion at today’s dollars.

Insured losses from weather-related disasters were at a high, making up most of the $135 billion. Munich Re executives warned that losses would continue to escalate.

“Some of the catastrophic events, such as the series of three extremely damaging hurricanes, or the very severe flooding in South Asia after extraordinarily heavy monsoon rains, are giving us a foretaste of what is to come,” Torsten Jeworrek, a Munich Re board member, said in a statement. While it was still difficult to attribute individual weather events to climate change, he said, “our experts expect such extreme weather to occur more often.”

EDIT

https://www.nytimes.com/2018/01/04/climate/losses-natural-disasters-insurance.html?_r=0&smid=tw-nytclimate&smtyp=cur&mtrref=t.co

[tanyev]

1. Insurance companies don't care if people do or don't believe in global warming.

Premiums are going to skyrocket regardless.