Asia witnessed the biggest natural catastrophes in 2016, making up 56% of global Nat CAT losses with only 25% of these being insured, according Munich Re. Total global natural catastrophe losses in 2016 was US$175 billion, nearly 65% more than in 2015. Insured losses in 2016 were US$50 billion leaving a gap of US$125 billion which were not insured. Torsten Jeworrek, member of the Board of Management of Munich Re, highlighted his concern at the high percentage of uninsured losses, especially in emerging markets and developing countries. The natural catastrophe with the highest cost also occurred in Asia. There were two earthquakes on the southern Japanese island of Kyushu close to the city of Kumamoto last April which incurred losses of US$31 billion with just under 20% of this insured. The floods in China in June and July saw overall losses reach US$20 billion, only 2% of which were insured.
