Climate havoc adds billions to insurance

Natural disasters including wildfires, hurricanes and tsunamis inflicted $160bn (R2,231-trillion) of damage in 2018, German reinsurer Munich Re said on Tuesday.

The financial toll was far below the $350bn recorded the previous year in a record hurricane season, it said in its annual reckoning, but above the 30-year average of $140bn.

As with the previous year, the US suffered the heaviest losses from disasters globally.