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First-half insured catastrophe losses a record

 by BusinessInsurance.com
 Jul 10,2010

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Natural catastrophes caused record worldwide insured losses of $22 billion for the first half of the year, more than double the average for the period since 2000, Munich Reinsurance Co. said Wednesday.

There were 440 catastrophic events through June, the second-highest number since 2000, Munich Re said.

Total natural catastrophe losses of $70 billion for the period exceed the amount for all of 2009 and are well above the 10-year average for the period, the Munich-based reinsurer said.

“Following a relatively benign 2009, the first six months of this year were marked by three natural catastrophes ranked as great,” Peter Höppe, head of Munich Re’s geo risks research unit, said in a statement.

The reinsurer uses “great” to describe catastrophic events that cause billions of dollars in losses or several thousand fatalities.

The three events were earthquakes in Haiti and Chile and Windstorm Xynthia in Europe. Combined, the catastrophes caused $11.55 billion in insured losses, according to Munich Re.

Natural catastrophes in the first half of this year caused 230,000 fatalities, far higher than the average of 30,000 for the period recorded from 2000 through 2009, Munich Re said.

Copyright © 2010 Crain Communications, Inc.


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