Three hundred separate global natural disasters occurred during 2015, causing a combined loss of $35 billion, according to Aon Benfield’s Impact Forecast report.
The Annual Global Climate and Catastrophe Report noted that the loss was 31 percent below the 15-year average of $51 billion, and the lowest annual insured loss total since 2009.
The costliest event for insurers was a February winter storm that affected much of the eastern US and resulted in public and private payouts of more than $2.1 billion, according to the report. It also revealed that global economic losses from natural catastrophes stood at $123 billion in 2015.
There were 14 multi-billion dollar economic loss events around the world, with the costliest being forest fires in Indonesia at $16.1 billion.
Last year also replaced 2014 as the warmest year since the recording of global land and ocean temperature began in 1880.
Stephen Mildenhall, chairman of Aon Analytics, said: “Global insured property catastrophes in 2015 accounted for just 28 percent of economic losses, in-line with the 10-year average of 29 percent.”
“With its abundant capital and sophisticated risk management tools, the industry should drive its own growth by better delivering on its core mission of providing critical risk transfer products to enable stable economic development in all regions of the world.”
Flood, severe thunderstorm and wildfire, the three costliest perils, accounted for 59 percent of all economic losses during 2015. The deadliest event was an earthquake in Nepal during April and May, which hit a magnitude-7.8, killing more than 9,100 people and costing an estimated $8 billion in damage and reconstruction.
Steve Bowen, associate and meteorologist at Impact Forecasting, said: “While a notable uptick in recorded natural disaster events did not directly translate to greater financial losses in 2015, the year was marked by 31 individual billion-dollar disasters, or 20 percent more than the long-term average.”
“Asia once again incurred the greatest overall economic losses, representing 50 percent of the world total and four of the five costliest events. Despite 32 percent of global economic losses occurring in the US, it accounted for 60 percent of the insured loss and seven of the top 10 costliest insured events.”
