Natural catastrophe losses up sharply in 2016

Financial losses from natural catastrophes surged strongly in the first six months of this year, driven by powerful earthquakes in Japan and Ecuador, storms in Europe and the US, and forest fires in Canada, German reinsurer Munich Re said on Tuesday. 

"Losses caused by natural catastrophes in the first half of 2016 were significantly higher than the corresponding figures for the previous year," Munich Re said in a statement. "In total, losses by the end of June came to $70 billion (63 billion euros) compared with $59 billion the previous year."