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Global insured catastrophe losses for the first half of 2012 reached about $12 billion, according to an analysis released Friday by Munich Reinsurance Co.
That compares with $81.7 billion for the corresponding period of 2011, a total that reflected insured damage from the March 2011 earthquake and tsunami in Japan as well as earthquakes in New Zealand. Munich Re noted that there were no major catastrophes like those during the first half of this year.
Insured catastrophe-related damages in the United States for the first half of the year hit an estimated $9.3 billion, according to Munich Re. Thunderstorm activity—including tornadoes and hail—accounted for about $8.8 billion of those losses, making the first half of this year the third most costly spring thunderstorm season in U.S. history. In fact, severe thunderstorms accounted for 56 of the 90 natural catastrophe events logged by Munich Re.