PropertyCasualty360.com | Claims Magazine | SEPTEMBER 2017 | 7
Global catastrophes cost
$44 billion in losses during
first half of 2017
By Denny Jacob, PropertyCasualty360
Global total economic losses from natural catastrophes and man- made disasters in the first half
of 2017 were $44 billion, compared with
$117 billion in the first half of 2016, ac-
cording to Swiss Re. Much of this can be
attributed to fewer and less intense events.
Of the total losses in the first half of 2017,
$23 billion were covered by insurance, down
from $36 billion in the first half of 2016.
Globally, around 4,400 people lost their
lives or went missing in disaster events.
While the number is low relative to recent
years, the toll may rise once estimates on
the number of victims of Europe’s severe
June heat waves are included.
Thunderstorms rage throughout
Severe thunderstorms in the U.S. resulted in the largest losses in the first six
months of the year. Four separate severe
weather events from February to May
each caused insured losses of more than
The costliest event occurred in May
after a four-day long storm delivered hail
throughout Colorado and strong winds
through parts of southern and central
states. This storm alone resulted in economic losses of $2.2 billion, with insured
losses reaching up to $1.9 billion.
Extreme weather throughout 2017
The largest and most costly insurance
event outside of the U.S. was Cyclone Debbie, which struck the northeastern coast of
Australia in late March, leading to insured
losses of $1.3 billion. Other large events
included floods in Peru and severe frost
damage in late spring in the southeastern
part of the U.S. and in Europe.
CEO Action, commits to
improving the workplace
By Denny Jacob, PropertyCasualty360.com
CSAA Insurance Group CEO Paula Downey has worked within the insurance industry long enough
to know when the tide is changing.
“Twenty years ago, the diversity conversation focused much more on race,
ethnicity and sexual orientation. We are
now seeing the focus shift to one of belonging and inclusion,” said Downey.
Executive leadership, often examined
through a company’s CEO, typically
showcases how a company operates. As
America’s workplace constantly evolves,
the customer remains the center of focus.
CEOs looking to bolster their company’s
success and improve the workplace understand that diversity can do just that.
After hearing about the CEO Action
initiative, “I knew it made sense to join,”
The CEO Action for Diversity & Inclu-
sion is the largest CEO-driven business
commitment to advance diversity and in-
clusion within the workplace. With more
than 250 CEOs signing up, “this com-
mitment is driven by a realization that
addressing diversity and inclusion is not
a competitive issue, but a societal issue.”
While the coalition represents nearly 70
industries, all 50 U.S. states and millions of
employees globally, there are an abundant
number of CEOs who have not stepped up
to meet the pledge. Despite this, Downey
looks forward to what’s to come.