Severe Storms Dominate First Half of 2017, Cause $41B in Large Losses
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A series of hailstorms and tornadoes in the U.S. dominated the natural catastrophe statistics in the first half of 2017, according to Munich RE. A total of six severe, large-scale thunderstorms were recorded, each causing billions of dollars of losses. Worldwide natural cat losses from January to June, however, were below average.
Overall losses came to $41 billion. The corresponding figure for the first six months of 2016 was $111 billion; the average for the last ten years $102 billion. Insured losses totaled $19.5 billion (previous year: $32 billion; ten-year average $29 billion).
With less than half of the losses uninsured, the share of insured losses was higher than usual. This is due to the major thunderstorm losses in the USA, where insurance density is high. The previous year, and the ten-year average, saw more than two thirds of losses uninsured.
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