Catastrophic 2008 pushes up average of insured losses
by Richard Kilner
Global risk and reinsurance specialist Guy Carpenter has published its 2008 Catastrophe Update briefing, in which is states that 2008 was amongst the most costly on record.
The reason behind 2008′s expensive status is that a high frequency of Atlantic hurricanes and problems created by severe weather and man made activity have combined to result in one of the costliest ever catastrophic years.
The Catastrophe Update echoes the findings of German reinsurance firm Munich Re, which on Monday issued a press release calling for agreed action over climate change following a disastrous year of catastrophes.
Munich Re cited the Sichuan earthquake which struck China prior to the Olympics and the numerous tropical cyclones.
According to Munich Re, some 220,000 people died during 2008 as a result of natural disasters, and was only second to 2005 and 1995 in terms of costliness.
Guy Carpenter’s ten year moving average of insured catastrophe losses rose by 7% from $35.5bn to $38bn on the back of this particularly terrible year.