2017 Second-Costliest Year on Record for Natural-Disaster Insured Losses: Aon

Insured losses in the private sector and government-sponsored programs from natural disasters came to $134 billion in 2017, making it the second-costliest year on record, broker Aon Benfield said on Wednesday.

Three major hurricanes in the United States and Caribbean alone led to losses of $100 billion in 2017, according to risk modeling agencies and reinsurers.

That compares with losses of about $74 billion caused by Hurricane Katrina, which hit New Orleans in 2005.

There were 330 natural catastrophes last year, leading to overall economic losses of $353 billion, of which an “unprecedented” 97 percent were caused by weather-related events, according to Aon’s catastrophe report, making 2017 the costliest year on record for weather disasters.

At $132 billion, 2017 was also the costliest year for insurers for weather disasters, with 60 percent of global insurance payouts in the year caused by Hurricanes Harvey, Irma, and Maria.

Weather losses exclude losses from other natural disasters such as earthquakes, volcanic eruptions, and tsunamis.

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