According to Swiss Re's first estimates, economic losses caused by natural and other man-made disasters will fall by 25.7% in 2019, that is 140 billion USD compared to 176 billion USD in 2018.
Natural disasters alone cost 133 billion USD in damages, i.e. 95% of the 2019 total, a decrease of 20% compared to 2018. Man-made events, such as fires and industrial accidents, account for 5% of the total, or 7 billion USD, down by 31% over one year.
Insured losses amount to 56 billion USD in 2019, a decline of 40% compared to the 93 billion USD assumed by insurers in 2018. Globally, human losses amount to 11 000 people, deceased or missing. Tropical cyclones remain the most striking catastrophes.
Among the most costly events are typhoons Faxai and Hagibis. The two disasters that took place in Japan in September and October, cost insurance companies nearly 15 billion USD.