Catastrophic losses in 2018 reduced by half compared with last year: report
Last Updated: 2018-12-29 14:51 | Xinhua
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Total economic losses from natural and man-made disasters in 2018 are estimated to be 155 billion U.S. dollars, down from 350 billion dollars, according to a preliminary estimate by Swiss Reinsurance company's latest sigma.

The annual report said that in this year natural catastrophes caused 146 billion dollars of the losses, and man-made disasters 9 billion dollars.

Globally, more than 11,000 people have died or gone missing in disaster events in 2018, similar to the number of victims in 2017. The earthquake in Indonesia's Central Sulawesi Province in September had the highest human toll of the year, with over 3,500 estimated dead or missing.

There has not been a singular major natural catastrophe event in 2018. Nevertheless, the aggregated losses from a number of smaller and mid-sized events, alongside some major man-made disasters, have caused sizable overall insured losses, said Swiss Reinsurance.

These smaller and mid-sized loss-generating disaster events also affected regions with well-established insurance cover, global insured losses are estimated to be around 79 billion dollars, said the report.

According to the Swiss company, 2018 is the fourth costliest year on sigma records in terms of losses covered by the insurance industry, higher than the annual average of the previous 10 years.

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