Last year’s catastrophe losses total $US52.5 billion
A new report from Swiss Re shows global insurers paid $US52.5 billion ($79.3 billion) in catastrophe-related property claims last year.
According to the group’s latest Sigma study, catastrophes caused 240,500 deaths and the impact on the global economy added up to $US269 billion ($406.2 billion).
Accounting for almost half of this was the China earthquake in May which cost $US124 billion ($183 billion) – equivalent to about 3% of China’s GDP.
Swiss Re says the financial strain caused by natural disasters in Asia will see insurance play a more important role in future.
Topping the most expensive insured losses list for last year were hurricanes Ike and Gustav in the US and Caribbean, costing $US24 billion ($35.4 billion) between them.
Major man-made disasters caused insurance losses of $US7.8 billion ($11.5 billion), with large-scale industrial fires, explosions and losses in the energy sector the most costly.
According to the group’s latest Sigma study, catastrophes caused 240,500 deaths and the impact on the global economy added up to $US269 billion ($406.2 billion).
Accounting for almost half of this was the China earthquake in May which cost $US124 billion ($183 billion) – equivalent to about 3% of China’s GDP.
Swiss Re says the financial strain caused by natural disasters in Asia will see insurance play a more important role in future.
Topping the most expensive insured losses list for last year were hurricanes Ike and Gustav in the US and Caribbean, costing $US24 billion ($35.4 billion) between them.
Major man-made disasters caused insurance losses of $US7.8 billion ($11.5 billion), with large-scale industrial fires, explosions and losses in the energy sector the most costly.