Munich Re: Storms, earthquakes and fire drive losses up

According to Munich Re’s loss review for the first half of 2016, losses caused by natural catastrophes in the first half of 2016 were significantly higher than the corresponding figures for the previous year, reaching a total of $70bn losses and $27bn insured losses, up $11bn and $8bn respectively from the same period last year.

The Canadian forest fires, the two strong earthquakes in Japan and Ecuador and the storms that hit the US and Europe (especially Germany, France and the Netherlands) were the main loss drivers for the period.

Munich Re board member Torsten Jeworrek said: “These events clearly show the importance of loss prevention, such as protection against flash floods or the construction of earthquake-resistant buildings in high-risk areas. The good news is that improved building codes and a more intelligent approach by emergency services and authorities offer people much better protection than used to be the case.”