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Cats cause insured losses of $15 billion in 2006; Report


ZURICH, Switzerland—Natural and man-made catastrophes in 2006 caused insured losses of $15 billion (€11.34 billion) and total economic losses of $40 billion (€30.24 billion), according to preliminary estimates from Swiss Reinsurance Co.

To date, only three catastrophe events this year have caused insured losses of more than $1 billion (€756 million), Swiss Re noted.

Those events were a number of tornadoes in the United States—a single tornado in the Great Plains, followed by a series of tornadoes across the southern U.S.—plus Typhoon Shanshan in Japan in September, according to the Swiss Re research.

Barring any events before the end of the year, 2006 will have the third lowest insured losses in the last 20 years after 1997 and 1988, according to Swiss Re.

An estimated 30,000 people died as a result of catastrophes during the year, Swiss Re said.

Swiss Re said a full report on the year's catastrophes would be published next spring.