FRANKFURT—Natural disasters caused substantially higher losses in the first half of 2016 than a year earlier, Munich Re AG said Tuesday, with earthquakes in Japan, storms in the southern U.S. and Europe, and wildfires in Canada causing the greatest damage.
Through the end of June, some 350 natural disasters world-wide cost $70 billion, up 19% from $59 billion in the same period of 2015, the German reinsurance giant said. Overall costs include insured costs, as well as costs to the economy related to repairing buildings and infrastructure, and to possibly lower output because of production halts or business disruption.
Of the $70 billion, global reinsurers and insurers shouldered $27 billion. A year earlier, the industry paid out $19 billion to policyholders.