Forest Fire Insurance Costs Soar
|01/09/2019||Posted by BusinessMediaguide.Com under General World News||
Forest fires caused by climate change are costing insurers more than ever, with the deadly fire that ravaged northern California the single most expensive natural disaster in 2018, Munich Re said in its catastrophe report Tuesday.
The California wildfire that devastated the small town of Paradise in November caused losses of $16.5 billion, of which $12.5 billion were insured.
Worldwide natural disasters caused $160 billion in economic damage in 2018. That was down from $350 billion the previous year, but a number of devastating hurricanes had contributed to the high losses in 2017.
Insurers and reinsurers paid out $80 billion for natural disaster read more >>>