Global losses hit $150bn as natural disasters rise
Frequency of natural catastrophes increasing, but world is getting better at mitigating the effects
Concern about climate change came to the fore in 2019 as natural catastrophes ripped through parts of the globe. A leading reinsurance group said they caused $150bn in financial losses and claimed 9,000 lives.
Based on data from Munich Re’s NatCat service, one of the world’s most comprehensive databases of natural catastrophes since 1980, the company’s research showed that about 820 natural disasters which took place last year hit developed countries hardest in terms of financial losses, while poorer nations suffered the highest number of fatalities.