Global disasters expected to cost insurers US$32b in 2015

Zurich

CATASTROPHES in 2015 proved more deadly than the previous year, although the total cost to the insurance industry is likely to be 8.6 per cent lower at US$32 billion, reinsurance specialist Swiss Re said in its annual "sigma" report on expected global insured losses, which was released on Friday.

Approximately 26,000 people died from disasters this year, the company said, more than double the fatalities counted in 2014, with the greatest loss of life caused by the 7.8 magnitude earthquake in Nepal that killed 9,000 and destroyed half a million homes.