RJR NEWS

Damage in Dominica caused by Hurricane Maria

Estimates from insurance firm Swiss Re says disasters in 2017 caused losses of US$306 billion.

The figure represents a 63 per cent jump from last year, and is well above the average of the last decade.

Local insurers in Jamaica say rates in this country will also be increased as a result.

The Americas was hardest hit, with hurricanes in the Caribbean and southern US, earthquakes in Mexico and wildfires in California.

Despite the rise in the financial cost of disasters, there was no significant increase in the loss of lives.

Swiss Re said more than 11,000 people died or went missing in disaster events in 2017, which is similar to 2016’s figure.