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May 26, 2017

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Disasters cost US$140 bil. in 2013: reinsurance group

ZURICH--Natural and man-made disasters caused US$140 billion of damage worldwide last year, according to a study released Wednesday by reinsurance group Swiss Re.

In its annual survey of disaster damage, Swiss Re noted that the loss total was down from the US$196 billion recorded in 2012, the year that Hurricane Sandy battered the United States.

Of the US$140 billion recorded in 2013, insured losses accounted for US$45 billion.

The most expensive disaster for insurers was the massive flooding in Central and Eastern Europe in May and June last year, with Germany, Czech Republic, Hungary and Poland hardest hit.

Total economic losses in the floods hit US$16.5 billion, of which US$4.1 billion was covered by insurers.

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