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First-half cat losses fall below average

July 30, 2018

Insured losses from natural catastrophes fell 28% to $US21 billion ($28 billion) in the first six months of the year, Aon Benfield-owned Impact Forecasting says.

Economic losses declined 32% to $US45 billion ($60 billion).

“While first-half losses were lower than average, it is imperative to reiterate that this does not automatically correlate to a quieter second half,” Meteorologist Steve Bowen said.

“As last year proved on multiple occasions, even one… event can completely change the trajectory of a year from a humanitarian and financial cost perspective.”

There were no “mega” catastrophes – economic losses above $US10 billion ($13.4 billion) – during the half, but there were at least 15 billion-dollar disasters.

These include drought in Argentina and Storm Friederike, causing $US3.4 billion ($4.6 billion) and $US2.75 billion ($3.7 billion) in economic losses respectively.

Smaller-scale disasters dominated, with the Asia-Pacific suffering most catastrophes (55), followed by Europe, the Middle East and Africa (44), the US (37) and the Americas (20). 

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