European storm tops reinsurer’s loss list
The first half of 2009 has proved to be an expensive one for the global industry, with Munich Re saying total world insurance losses for the period were $US11 billion ($13.3 billion) compared with the $US10 billion ($12.1 billion) average for the period since 1999.
The half-year losses were higher than the 10-year average because disasters typically occurred in areas of high insurance density.
Munich Re says in a report that Europe’s Winter Storm Klaus in late January topped the natural catastrophe lists, with insured losses of $US2.3 billion ($2.78 million) and overall losses of $US3.8 billion ($4.6 billion).
The April earthquake in Italy ranked number two in overall losses at $US2.5 billion ($3 billion) but insured losses were a vastly lower $US260 million ($314 million).
Severe storms and tornadoes in the US were strongly represented among insured losses, with the costliest being in February at $US2 billion ($2.4 billion).
The half-year losses were higher than the 10-year average because disasters typically occurred in areas of high insurance density.
Munich Re says in a report that Europe’s Winter Storm Klaus in late January topped the natural catastrophe lists, with insured losses of $US2.3 billion ($2.78 million) and overall losses of $US3.8 billion ($4.6 billion).
The April earthquake in Italy ranked number two in overall losses at $US2.5 billion ($3 billion) but insured losses were a vastly lower $US260 million ($314 million).
Severe storms and tornadoes in the US were strongly represented among insured losses, with the costliest being in February at $US2 billion ($2.4 billion).