This year was the fourth-costliest on record for the insurance industry despite a drop in total economic losses from natural and man-made catastrophes, according to recent sigma estimates.
Catastrophe losses fell from US$350 billion in 2017 to US$155 billion this year, according to a recent report from Swiss Re Institute. Natural catastrophes caused US$146 billion in losses this year, while man-made disasters accounted for US$9 billion.
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