Hurricane Harvey has caused severe flooding in many parts of Texas, reminding many people of the haunting pictures after Hurricane Katrina hit Louisiana in 2005. The human losses and hardship caused by such storms is most important.
However, the storms also cause economic costs for which the insurance industry has to pick up hefty bills. Of the estimated $ 68.4 billion in total damages caused by Hurricane Sandy in 2012 close to $30 billion were insured losses.
While the storms pounding the Pacific coast of Southeast Asia, called Typhoons, are equally ferocious as the Atlantic hurricanes, data provided by reinsurer Munich Re indicates that less people and businesses have their property insured there.