The data describes the most costly insurance losses worldwide from 1970 to 2017. It was found that hurricane Katrina, hitting the U.S. and Gulf of Mexico in 2005, was the most expensive disaster since 1970, as it incurred insured losses amounting to approx. 82.39 billion USD.
Insuring against natural disasters
Insuring is the practice of transferring risk from one entity to another in exchange for payment. It is important, especially if one lives, owns property or a business in an area prone to natural disasters, to take out coverage for a range of storms, catastrophic events and natural disasters that could cause damage to real estate.
