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Natural disasters ‘cost insurers $50bn in 2016’

It was the costliest 12 months for natural catastrophe losses in the last 4 years, the world’s largest reinsurer says.

FILE: The wreckage of a shop which was destroyed after an earthquake in Indonesia on 7 December, 2016. Picture: AFP.

FRANKFURT - Insurers paid out around $50 billion for natural disaster claims last year, reinsurer Munich Re said on Wednesday, while another $125 billion of losses were uninsured.

It was the costliest twelve months for natural catastrophe losses in the last four years, the world’s largest reinsurer said in its annual review of natural catastrophes.

The insured damage last year was above both the $27 billion registered in 2015 and the 10-year average of $45.1 billion, Munich Re said.

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