During 2012, there were 905 natural catastrophes worldwide, 93 percent of which were weather-related disasters, costing US$170 billion. Unpredictable global climate conditions are thought to be on the increase and have recently been evidenced by major events, such as typhoon Haiyan in the Philippines, flooding in the UK and the big freeze in North America. The direct cost of this weather volatility is also rising significantly with insurers paying out US$701 billion globally for damages from extreme weather events every year for the last three years alone.