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Disasters cost insurers $54 billion, economy $175 billion in 2016 - Swiss Re
March 28, 2017 / 8:02 AM / 8 months ago

Disasters cost insurers $54 billion, economy $175 billion in 2016 - Swiss Re

ZURICH (Reuters) - Disasters cost insurers $54 billion (42.92 billion pounds) in 2016 and created total economic losses of $175 billion, reinsurer Swiss Re (SRENH.S) said in a revised study on Tuesday.

“The losses in 2016 – both economic and insured – were the highest since 2012 and reversed the downtrend of the last four years,” the world’s second-largest reinsurer said.

The group said natural catastrophes and man-made disasters claimed 11,000 lives last year.

The figures showed an increase on initial estimates provided by the group in mid-December, which placed financial losses above $158 billion and insured losses at $49 billion at least.

In its annual natural catastrophe review released in early January, Munich Re (MUVGn.DE) said insurers paid out around $50 billion for natural disaster claims last year.

Reporting by Brenna Hughes Neghaiwi; Editing by Michael Shields

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