The costliest natural catastrophes occurred in the United States in 2018 with one of California’s devastating wildfires and Hurricane Michael topping the list, according to Munich Re.

A report from Munich Re on last year’s natural disasters pointed to “clear indications” that man-made climate change is a factor in California’s wildfires.

Breaking down the losses, Munich Re said northern California’s November wildfire, known as “Camp Fire,” had overall losses of US$16.5 billion and insured losses of US$12.5 billion, while Hurricane Michael had overall losses of US$16 billion and insured losses of US$10 billion.

In total last year’s natural catastrophes racked up an overall global price tag of US$160 billion, said the reinsurer, noting that only half these economic losses were insured. The 2018 losses were below 2017’s significant loss total of US$350 billion, due mainly to record hurricane losses.

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