2017’s costly climate change-fueled disasters are the ‘new normal,’ warns major reinsurer
It turns out 2017 was a uniquely disastrous year in more ways than one, evidenced by German reinsurer Munich Re’s recently released review of the year’s global catastrophes.
Led by massive, climate change-fueled hurricanes Harvey, Irma, and Maria, 2017’s natural disasters will cost insurers a record $135 billion. Adding in uninsured losses brings the total global damages to $330 billion, which is second only to 2011.
photo credit: The National Guard