2014 annual global climate and catastrophe report: impact forecasting

Kashmir floods and Cyclone Hudhud caused loss of USD 18 billion and have been the most economically costly event in 2014 reveals this latest edition of Annual Global Climate and Catastrophe Report. 258 global natural disasters in 2014 caused economic losses of USD132 billion says the report. 

This report evaluates the impact of the natural disaster events that occurred worldwide during 2014. It reveals that 258 separate global natural disasters occurred in 2014, compared to a ten-year average of 260 events, causing a combined total insured loss of USD39 billion – 38 percent below the ten-year average of USD63 billion, and the lowest annual insured loss total since 2009. It asserts that this was the second consecutive year with below normal catastrophe losses. Notable events during the year included major flooding in India, Pakistan, China, and Southeast Europe; billion-dollar convective thunderstorm events in the United States, France, and Germany; winter storms in Japan and the United States; and widespread drought in the United States and Brazil. The top three perils, flood, tropical cyclone, and severe weather, combined for 72 percent of all economic losses in 2014. Despite 75 percent of catastrophe losses occurring outside of the United States, it still accounted for 53 percent of global insured losses, driven by a higher insurance penetration.