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Daily Insurance Industry News
Saturday 21st of July 2018
July 16, 2012

Nat cat losses “moderate” in H1 2012

by Gill Montia

Story link: Nat cat losses “moderate” in H1 2012

Natural catastrophe losses were relatively moderate in the first six months of 2012, Munich Re reports.

Overall losses for the first half of the year stood at $26 billion, compared with a ten-year average of $75.6 billion for the corresponding period.

Insured losses amounted to $12 billion, compared with a ten-year average of $19.2 billion.

By way of comparison, overall losses for the first half of 2011 amounted to $302 billion and insured losses to just under $82 billion.

In the six month to the end of June, there were some 3,500 deaths due to natural catastrophes, well below the average for the last ten years (53,000).

In all, there were 450 natural hazard loss events, slightly above the six-month average (395) but with no major catastrophes.

The statistics for the first six months of 2012 were dominated by extreme weather event losses in the USA, with some 85% of worldwide insured losses and 61% of overall losses occurring in America (predominantly in the USA) compared with an annual average of 65% and 40% respectively, since 1980.

In Europe, natural catastrophes caused lower losses than usual with only 10% ($1.3 billion) of insured losses worldwide and 16% ($4 billion) of overall losses occurring in European countries.

Turning to Asia and the Pacific region, there were a relatively large number of almost entirely minor loss events in the first half of the year.

However, in one very serious event, flooding affected a number of Chinese provinces causing overall losses in the order of $2.5 billon.

Munich Re Board member responsible for global reinsurance, Torsten Jeworrek, comments: “It is in line with expectations that extreme and more moderate years will balance each other out in the course of time.”

 

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