Natural disasters produced $192bn global economic loss
The report reveals that 296 separate events produced total economic losses of $192 billion, four percent below the 10-year average of $200 billion, but above the average 259 events. The natural disasters caused total insured losses of $45 billion, their lowest since 2009 and 22 percent below the 10-year average of $58 billion.
In a reversal from 2012, the largest global events of 2013 were heavily concentrated in Europe and Asia, rather than in the United States. However, despite just 16 percent of all economic losses occurring in the U.S., the country accounted for 45 percent of all insured losses globally due to its greater insurance penetration.
Flood events accounted for 35 percent of all global economic losses during the year, which marked their highest percentage of aggregate losses since 2010. Notable events included major flooding in Central Europe, Indonesia, the Philippines, China, and Australia.
Meanwhile, severe drought conditions contributed to billion-dollar ($) losses in Brazil, China, New Zealand, and the U.S. ■