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California's Camp Fire Was The Most Expensive Natural Disaster Worldwide In 2018

News Summed Up 2019-01-10 05:30:00

The Camp fire, which killed 86 people and burned the Northern California town of Paradise to the ground in November, was last year’s most expensive natural disaster worldwide, according to a report from German-based global reinsurance company Munich Re. Now the blaze holds another devastating record, according to the report released Tuesday: the costliest natural disaster in 2018. Each year the reinsurer tracks major natural catastrophes and estimates the losses incurred, including to insurers, in its natural catastrophe loss database. Natural disasters worldwide in 2018 cost a total of about $160 billion ― significantly higher than the average over the last 30 years of about $140 billion (adjusted for inflation). The Camp fire was the costliest last year, at $16.5 billion in losses, including $12.5 billion of insured losses.