According to Munich Re, 750 natural catastrophes have been reported for the year 2016. The overall economic cost caused by these events has amounted to 175 billion USD. In 2015, this figure was well below since the 32 natural catastrophes reported that year resulted in 103 billion USD in damage. It is necessary to go back to 2012 when economic damage was evaluated at 180 billion USD in order to find a year that is comparable to 2016.
The reinsurer notes that only 29% of the 2016 damage was insured, that is, 50.75 billion USD. Over a period of 10 years (2006 to 2015), the annual mean value of insured damage corresponds to the same percentage of 2016. It is in the emerging countries that the issue of underinsurance is most striking, especially when it comes to natural catastrophes.
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