Insurance cost of natural disasters down in 2015 at US$27b: Munich Re

Frankfurt

INSURANCE claims from natural disasters such as storms and earthquakes fell to US$27 billion in 2015 as the overall cost of natural catastrophes dropped to its lowest level since 2009, reinsurer Munich Re said on Monday.

The climate phenomenon known as El Niño last year helped reduce the development of hurricanes in the North Atlantic, which traditionally cause some of the heaviest claims for the insurance industry, the world's largest reinsurer said in its annual review of natural catastrophes.