Natural catastrophes, 2015 quite a mild year

The past year was, hence, “extraordinarily safe" for aviation, improving for maritime transport and mild in terms of natural catastrophes [4].

A natural catastrophes less costly but more deadly in 2015

Nepal earthquake © Superikonoskop [5], CC BY-SA 3.0 [6]

According to a survey published by Munich Re, more than 1000 events related to natural catastrophes were reported in 2015, 94% of which were weather-driven.
Those events accounted for 90 billion USD in economic losses, compared to 110 billion USD in 2014; a figure well below the annual average reported in the last ten years (2005-2014) and which is set at 180 billion USD.

Insured losses were also declining. They went from 31 billion USD in 2014 down to 27 billion USD a year after and an average of 56 billion USD for the last ten years.

The Nepal earthquake stands as the most onerous and deadliest event in 2015. Taking place last April, the earthquake, rated at 7.8 in magnitude, claimed the lives of 9 000 people and caused material damage attaining 4.8 billion USD, only 210 million USD of which are covered by insurers.

Exceptional heatwave

In 2015, drought events that affected several areas of the world in particular accounted for the second cause of death behind the Nepal earthquake. The heatwave that hit India and Pakistan from May to June claimed the lives of 3 670 people. Europe has not been immune to this scourge as it had to cope with an exceptional heatwave last summer that cost the lives of 1 250 people.

Cold weather and violent storms

The intense cold spell that affected North America early 2015 is topping the list of insured losses which amount to 2.1 billion USD. This event is followed by the violent winter storms that swept the United States in May 2015 for the sum of 1.5 billion USD.
Powerful Goni typhoon that had lashed several Asian countries last August, especially Japan and Philippines was equally devastating with losses amounting to 1.4 billion USD.

In Europe, the damage caused by Niklas cyclone that swept a large part of the continent in March 2015 has been among the most costly for insurers. The damage incurred by this event are estimated at 1 billion USD.

El Nino, partly harmful in the Atlantic

Munich Re’s department of research on natural risks found that the low level of claims in 2015 has been accounted for by the fact that several tropical storms spared the areas with a high concentration of insured sums. Moreover, El Nino considerably reduced the intensity of cyclonic activities in the North Atlantic region. This phenomenon, characterized by a cyclic warming of the ocean surface, contributed in turning 2015 into an “exceptionally hot” year. Still based on Munich Re’s findings, El Nino’s current phase will probably be superseded in the coming years by La Nina, which, conversely, would trigger the formation of hurricanes in the North Atlantic.

Geographical breakdown of economic losses caused by natural catastrophes

Geographical breakdown of insured losses

Source: Munich Re

The main natural catastrophes occuring in 2015

Figures in millions USD

Source: Munich Re