Insurers paid out $27bn for natural disaster claims in 2015

Weather caused 94% of catastrophes including storms, floods and earthquakes last year, according to data from reinsurer Munich Re

Around $27bn (18bn) was paid out by insurers for natural disaster claims last year, with weather causing 94% of incidents, according to data from reinsurer Munich Re.

While the climate phenomenon known as El Nino reduced the development of hurricanes in the north Atlantic, storms and floods still caused billions of dollars worth of damage in Europe and North America, the world's largest reinsurer said in an annual review.