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Cost of Global Disasters: $113 Billion

January 16, 2015 Leave a comment dridrive

HurricanePreliminary estimates have tallied the total losses accrued from natural and man-made disasters in 2014, and while $113 billion USD is a staggering cost, there is some good news.

That’s because those costs are down from the $135 billion lost in 2013. Other areas saw decreases as well: Out of the total economic losses, insurers covered $34 billion in 2014, down 24% from $45 billion in 2013; and 11,000 lives were lost in 2014, down from more than 27,000 the previous year.

Which disasters proved most costly? A few highlights:

  • For the United States, the year started and ended with extreme winter weather, costing $1.7 billion, which was significantly above the $1.1 billion average.
  • Mexico was impacted by Hurricane Odile in September. Strong winds and heavy rains resulted in insured losses of $1.6 billion as Odile hit multiple tourist resort areas, making it the second most costly catastrophe for Mexico after 2005’s Hurricane Wilma.
  • In the Philippines, early loss estimates for Typhoon Hagupit indicate less damage than Typhoon Haiyan caused in 2013, while evacuation procedures based on lessons learned from Haiyan meant less loss of life than otherwise may have been.

To read the complete findings, click here.