Natural disasters – additional information
By definition, a natural disaster is an event which is caused by naturally occurring phenomena which results in catastrophe. Man-made disasters encompass events such as earthquakes, floods, hurricanes, tsunamis and volcanic eruptions.
The most expensive natural disasters for the insurance industry worldwide have been recorded from 1980 onwards. The top 10 is dominated by hurricanes. Hurricanes Harvey, Irma and Maria in the United States and the Caribbean in August and September 2017 were the most expensive hurricane events and caused insured losses of 92 billion U.S. dollars and total losses reached approximately 215 billion U.S. dollars.
In 2016, the insured losses due to natural disasters in the United States were estimated according to disaster type. Severe thunderstorms proved to be the most costly for that year with estimated insurance costs reaching 14 billion U.S. dollars. During the same year, tropical cyclones cost the U.S. insurance industry 3.5 billion U.S. dollars in insured losses.