Report: Camp Fire world's costliest natural disaster in 2018, damage cost of $16.5 billion

Photo: Joshua Stevens / NASA / CC BY 2.0

The United States led the charts in 2018 for having the world's costliest natural disasters.

With an overall loss of $16.5 billion, the Camp Fire is being called the world's costliest natural disaster in 2018, according to Munich RE, a global insurance group.

Taking second place was Hurricane Michael at $16 billion and in third place was Hurricane Florence at $14 billion.

"When compared with the record losses of the previous year from Hurricanes Harvey, Irma and Maria, the indications at the start of 2018 were that it would be a more moderate year," said Petra Low, the expert who wrote the report for Munich RE.

"However, the second half of the year saw an accumulation of billion-dollar losses from floods, tropical cyclones in the U.S. and Japan, wildfires and earthquakes," added Low.

The overall economic impact of the natural disasters across the world in 2018 was $160 billion.

In a comparison with the last 30 years, 2018 was above the inflation-adjusted overall loss average of $140 billion, ranking it among the ten costliest disaster years in terms of overall losses.

Overall costs from tropical cyclones across the world came to roughly $57 billion while the impact from wildfires in California produced overall losses of $24 billion.

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