Catastrophe losses hit $46 billion during the first half of the year, according to Aon’s Global Catastrophe Recap: First Half of 2015 report.
Global natural disaster losses during the first half of 2015, from both an economic and insured loss perspective, were each below the 10-year (2005-2014) average, according to the report.
Preliminary data determined that economic losses were $46 billion, dropping 58 percent from the 10-year average of $107 billion, and insured losses were $15 billion, down 47 percent from the 10-year average of $28 billion.
The percentage of global economic losses that were covered by insurance was 31 percent. It is slightly above the 10-year average of 27 percent because the majority of the losses occurred in regions with higher insurance penetration, said the report.
By contrast, around 2 percent of the multi-billion-dollar economic loss from the Nepal earthquake was covered by insurance.
The severe thunderstorm peril was the costliest disaster type, comprising 33 percent of the economic loss and 49 percent of the insured loss.
It also showed a clear majority (73 percent) of the insured losses were sustained in the US due to an active winter season combined with numerous spring severe convection storm events. The Asia Pacific region was second with 14 percent, while Europe, the Middle East and Africa were third with 11 percent of insured losses.
Steve Bowen, associate director and meteorologist in Aon Benfield's impact forecasting team, commented: "The first half of 2015 was the quietest on an economic and insured loss basis since 2006.”
“Despite having some well-documented disaster events in the US, Asia Pacific and Europe, it was a largely manageable initial six months of the year for governments and the insurance industry.”
“Looking ahead to the rest of 2015, the continued strengthening of what could be the strongest El Nino in nearly two-decades is poised to have far-reaching impacts around the globe. How that translates to disaster losses remains to be seen, but something to keep a close eye on in the coming months."
