"In 2017, the 'trio' of hurricanes Harvey, Irma and Maria will push insurance industry payouts to a record high. It is clear that the extreme natural catastrophe events of 2017 demonstrate the important role insurance plays in mitigating economic losses," Munich Re said recently. The final claims from last year's three hurricanes and other catastrophes (such as the strong earthquakes in Mexico) are expected to reach $135 billion (a record high). Overall losses (including uninsured losses) reached $330 billion, the second-highest catastrophe loss figure on record. To date, the only year with heavier losses was 2011, when the Great East Japan Earthquake caused overall losses of up to $354 billion that year (in current US dollar terms).
　　Munich Re's head of climate and public sector business said: "The fact that insured losses accounted for an above-average share in 2017 masks the fact that many parts of the world are underinsured. In many developing countries, natural catastrophe losses are almost entirely uninsured. Even in a highly developed country like the United States, where the insured share is much higher, the economy would still benefit from further expanding insurance coverage."

Source: China Financial News 2018-01-17