Authored by Sara Weathers

According to data provided to Insurance Journal by Reuters, the ten most expensive natural disasters have all happened in the last five years. Flooding, hurricanes, and wildfires have all been costly in areas around the world.

The California wildfires in 2017-2018 caused losses that cost $328.5 billion. Atlantic hurricanes Harvey, Irma, and Maria occurred in August and September of 2017 came in second with losses totaling $297 billion. Because of climate change, natural disasters are becoming more severe and more costly.

With the unpredictability of natural disasters, businesses need to make sure all their insurance policies are up to date. More frequent natural disasters have caused property insurance premiums to rise, so even if a business has a policy, it needs to be kept up to date to make sure they are fully covered in the event of a disaster.

For more information on the most expensive natural disasters, check out Insurance Journal’s article.

Have questions about your property insurance policies? AdvoCap Insurance is here to help.

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