March 28, 2017 / 8:09 AM / a year ago

Disasters cost insurers $54 billion, economy $175 billion in 2016: Swiss Re

ZURICH (Reuters) - Disasters cost insurers $54 billion in 2016 and created total economic losses of $175 billion, reinsurer Swiss Re said in a revised study on Tuesday.

Two children play with a wheelchair in a street after Hurricane Matthew in Damassins, Haiti, October 22, 2016. REUTERS/Andres Martinez Casares

“The losses in 2016 – both economic and insured – were the highest since 2012 and reversed the downtrend of the last four years,” the world’s second-largest reinsurer said.

The group said natural catastrophes and man-made disasters claimed 11,000 lives last year.

The figures showed an increase on initial estimates provided by the group in mid-December, which placed financial losses above $158 billion and insured losses at $49 billion at least.

In its annual natural catastrophe review released in early January, Munich Re said insurers paid out around $50 billion for natural disaster claims last year.

Reporting by Brenna Hughes Neghaiwi; Editing by Michael Shields

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