Catastrophes make 2008 an expensive year
This year will be the second most costly on record for insurers, according to preliminary estimates released by Munich Re.
The world’s biggest reinsurer estimates total economic damages from natural catastrophes of $200 billion, of which around $100 billion are weather related.
This is close to the biggest ever yearly loss on record, and could rise further if December storms cause major damage.
In 2005, hurricane Katrina contributed to total losses of $220 billion.
Weather related hazards have increased 350% since the 1980s, and insurers anticipate that global warming will continue to ratchet up the number and intensity of hurricanes.
This year will be the second most costly on record for insurers, according to preliminary estimates released by Munich Re.
The world’s biggest reinsurer estimates total economic damages from natural catastrophes of $200 billion, of which around $100 billion are weather related.
This is close to the biggest ever yearly loss on record, and could rise further if December storms cause major damage.
In 2005, hurricane Katrina contributed to total losses of $220 billion.
Weather related hazards have increased 350% since the 1980s, and insurers anticipate that global warming will continue to ratchet up the number and intensity of hurricanes.
Category: Financials, Insurance News
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