In the US, Hurricane Matthew accounted for the largest single insured loss at about $2.3 billion and the Fort McMurray wildfire in Canada caused insurance losses of approximately $3.5 billion.
The joint effects of Windstorms Elvira and Friederike in late May and early June led to Europe’s largest market losses of 2016, roughly $2.48 billion.
In Asia, the Kumamoto earthquake in Japan accounted for the largest single insured loss of 2016, which hit over $4.8 billion.
The Ecuador Earthquake in Esmeraldas Province caused the largest impact in Latin America, with estimates losses currently standing at around $325 to $850 million.
John Alarcon, executive director of catastrophe analytics at Willis Re International, said: “As our report shows, despite natural catastrophe insured losses falling in the last five years to 2016, they are still significant, and lower-profile perils such as the wildfire around Fort McMurray have the potential to cause substantial losses.”
He added: “Importantly, our report also highlights that economic losses continue to be higher than insured losses and substantially so in some regions. Clearly the insurance industry has a significant role to play in helping economic recovery by supporting resilient societies and closing the protection gap between insured and total economic loss when natural catastrophes occur.”