Floods cause nearly half of all 2013 catastrophe losses: Munich Re
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Almost half of all economic losses and 45% of insured losses from natural catastrophes so far this year were caused by floods, Munich Reinsurance Co. said Tuesday.
Economic losses from natural catastrophes totaled about $45 billion in the first half of this year, compared with a 10-year average of $85 billion, Munich Re said in a statement. Insured losses from natural catastrophes so far this year totaled about $13 billion, the reinsurer said, compared with a 10-year average of $22 billion.
The most costly natural catastrophe so far this year was flooding in southern and eastern Germany and neighboring central and eastern European states in May and June which resulted in an economic loss of about €12 billion ($15.4 billion) and an insured loss of more than € 3 billion ($3.85 billion), Munich Re said.
The second-most expensive event in the first half of 2013 was at outbreak of severe tornadoes in the United States in May, Munich Re said in the statement. Economic losses from the May 21 tornado that hit Oklahoma City totaled more than $3 billion, of which about $1.5 billion was insured.
Recent flooding in the Canadian province of Alberta likely will result in economic losses of about $3 billion and insured losses of about $1 billion, Munich Re said.
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