Global Disaster Losses Hit 4-Year High

The Fort McMurray wildfire in western Canada was that nation’s costliest natural disaster on record. (Photo: DarrenRD)

ZURICH—Total economic losses and global insured losses from natural catastrophes and man-made disasters in 2016 reached US$54 billion, the highest tally in four years. From earthquakes to flooding to wildfires, no region of the globe was spared, according to the Swiss Re Group.

Swiss Re’s latest report says there were 327 disaster events last year, of which 191 were natural catastrophes and 136 were man-made. In total, the disasters resulted in economic losses of US$175 billion, almost double the level seen in 2015. For example, the Fort McMurray wildfire across 1.5 million acres produced Canada’s biggest insurance loss event ever, and the second costliest wildfire on record globally. More than 2,400 homes and buildings were destroyed in Canada’s Albert and Saskatchewan provinces as the fires burned between May and July of ’16.