Insurers faced record 135 billion US dollars in costs from natural catastrophes in 2017
Natural catastrophes like hurricanes Harvey, Irma and Maria will cost the insurance industry a record amount of 135 billion US dollars in 2017, according to a review by German reinsurance company Munich RE. This meant that less than half of the overall losses of 330 billion US dollars were insured. Some of the catastrophic events had given the world “a foretaste of what is to come”, said Torsten Jeworrek, Munich Re Board member responsible for global reinsurance business. “Because even though individual events cannot be directly traced to climate change, our experts expect such extreme weather to occur more often in the future.”
Find the press release in English here.
Read the CLEW factsheet Climate finance: A brief overview of Germany’s contributions for background.