2011 catastrophe losses of $108B second only to 2005: Swiss Re
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Catastrophes—both natural and manmade—caused an estimated $108 billion in insured losses, Swiss Re Ltd. said in an analysis released Thursday.
That was more than double the $48 billion in catastrophe-related insured losses posted last year. Zurich-based Swiss Re noted that claims from natural catastrophes alone reached $103 billion this year vs. $43 billion last year.
The insured losses make 2011 the second-costliest on record, behind 2005 when insured losses totaled $123 billion.
Kurt Karl, Swiss Re's chief economist, noted that earthquake coverage is “still quite low,” even in industrialized countries with a high seismic risk such as Japan, which suffered a devastating earthquake and tsunami in March.
“If Japan had been as well-insured as other countries with high seismic risk, such as New Zealand, the overall industry tally would have been much higher,” Swiss Re said in its analysis.
During the first half of the year, the Japanese catastrophe, plus earthquakes in New Zealand, tornadoes in the United States and other catastrophes, pushed insured losses to $70 billion, according to a Swiss Re analysis released in September.
However, moderate hurricane losses this year kept insured damage below the record set in 2005, when three hurricanes—Katrina, Rita and Wilma—caused more than $100 billion in insured losses.
