Natural disasters : the cost in sharp decline since the beginning of the year

A decline of more than 60%. The cost of natural catastrophes and disasters is recorded as a net decrease in the first half, announced on Thursday that the swiss reinsurer Swiss Re, which estimated the economic losses at $ 44 billion dollars (37.4 billion euros) to 117 billion over the first half of the year 2016.

On the first half-year, natural disasters have accounted for 41 million of economic losses, while the damage caused by man, such as fires or industrial accidents, is high at 3 billion, has detailed Swiss Re.

This figure is also well below the average over the last ten years, which amounts to $ 120 billion for the first half, pointed to the swiss group in a press release.

Half of the damage covered by insurance

The most severe losses have been caused by the series of storms in the United States between February and may, in particular, the storm of 4 days with hail which fell in Colorado, which has led to it only $ 2.2 billion of damage, of which $ 1.9 billion is supported by insurers. Outside the United States, the cyclone Debbie which had affected Australia at the end of march, is the second most costly event, with 1.3 billion of damage covered by the insurance.

On the $ 44 billion of economic losses, of $ 23 billion of damage were covered by insurance companies, has estimated Swiss Re, which conducts every six months a balance sheet. The decrease in compensation for this type of events has led to a decline of subscription requests, and this has had consequences on premiums. Rates declined for the 17th consecutive quarter, according to the data for the second quarter released on Tuesday by the broker Marsh.

Some 4,400 people have lost their lives or have disappeared in these catastrophes and disasters, against 4.800 a year earlier, said Swiss Re. The number of victims, however, are likely to increase when the deaths related to the heat wave in Europe during the month of June will be incorporated in these first estimates.

(with AFP and Reuters)

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