- Severe thunderstorms accounted for the highest number of catastrophes at 43, costing businesses $14 billion in insured losses.
- A total of 19 floods and flash floods resulted in $4.3 billion in insured losses.
- A total of 18 wildfires, heat waves, and other heat-related events resulted in $1 billion insured losses.
- A total of seven winter storms and cold spells resulted in $1 billion in insured losses.
- Although there were only two tropical cyclones in 2016, the damage was severe enough to cause $3.5 billion in insured losses.
Natural disasters pose one of the biggest threats to your business operations. Even though there is no way to predict exactly when they’ll strike, the chance that a hurricane, tornado, flood, or fire comes your way is much higher than you might think. Research compiled by the Insurance Information Institute provides some interesting perspective on the frequency of natural disasters and the losses organizations incurred in 2016. According to the data, there were a total of 91 natural disasters in the United States in 2016, resulting in $23.8 billion in insured losses. That’s up from the $16.1 billion calculated in 2015.