2009 saw low natural catastrophe losses
Swiss Re’s latest sigma study has revealed that, globally, natural disasters cost insurers $22bn in 2009, with man-made catastrophes costing a further $4bn.
Financial costs were greatest in North America, which saw $12.7bn worth of pay-outs, with Asia bearing the brunt of the death toll (9,400 from a worldwide total of 15,000).
In financial terms, the losses for 2009 were low, with six events causing losses exceeding $1bn each.
The costliest single event was winter storm Klaus, which affected Spain and France in January and cost almost $3.4bn.
Thomas Hess, chief economist at Swiss Re, has said it is unlikely that 2010 will see losses as low as 2009, particularly as the year has already seen winter storm Xynthia, and significant earthquakes in Chile and Haiti.
Yesterday Stephen Jackson, Cooper Gay’s Latin America MD, opined that the Chilean earthquake could cost insurers anything from $2bn to $8bn, with the likelihood being it would be within the $3bn-$5bn range.
Category: Insurance News
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