Insurers paid out $50 bn for natural disaster claims in 2016
Losses from natural disasters worldwide totalled to $175 billion (around ₹12 lakh crore) in 2016, some $50 billion (over ₹3.3 lakh crore) of which was covered by insurance, reinsurance firm Munich Re has said. The year 2016 saw the highest costs from natural disasters since 2012, with two earthquakes in Japan in April accounting for the heaviest losses, it added.