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Swiss Re reports shows drop in economic losses from disasters

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Swiss Re reports shows drop in economic losses from disasters

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A study by the world’s second biggest reinsurer Swiss Re has shown total economic losses from natural catastrophes and man-made disasters was 37 billion dollars in the first half of the year down from 59 billion a year ago.

The global insurance industry covered nearly 45 percent of those losses which is higher than the previous 10-year average cover of 27 percent.

Disaster claims on insurers in the first half of the year fell by nearly a third from the same period last year to 16.5 billion dollars.

The reason for the rise in global losses being covered by insurance is the location of some of the larger loss events, with severe weather and storm losses in Europe, the US and Australia all contributing to a lower uninsured loss percentage for the year-to-date.