Asia: Region has 47% of total global Nat CAT losses in 2014 - Swiss Re
Source: Asia Insurance Review | May 2015
Total economic losses from all disaster events in the world were US$110 billion in 2014. Asia suffered the highest loss, contributing $52 billion or 47% of the total global losses, of which only $5.2 billion were insured, according to the latest Swiss Re sigma study “Natural catastrophes and man-made disasters in 2014”.
There still lies a big protection gap with the lack of insurance cover in many countries in Asia. Economic development, population growth, a high concentration of assets in exposed areas and a changing climate are increasing the economic cost of natural disasters. These, if not accompanied by a commensurate increase in insurance penetration, will likely result in a widening protection gap over the long term.
Global insured losses from natural catastrophes and man-made disasters were $35 billion in 2014, down from US$44 billion in 2013 and well below the $64 billion-average of the previous 10 years. Around 12,700 people lost their lives in all disaster events, down from as many as 27,000 in 2013, making it one of the lowest numbers ever recorded in a single year.