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Daily Insurance Industry News
Thursday 20th of September 2018
January 4, 2012

Munich Re: 2011 saw record catastrophe losses

by Richard Kilner

Story link: Munich Re: 2011 saw record catastrophe losses

Last year was the costliest ever in terms of natural catastrophe losses, according to Munich Re.

Global economic losses in 2011 came to around US$380bn, approximately two-thirds higher than in 2005 ($220bn), the previous record year.

There were numerous disasters in 2011, and the earthquakes in Japan and New Zealand in the first quarter comprised almost two-thirds of the total losses.

Torsten Jeworrek, Munich Re Board member responsible for global reinsurance business, said that a sequence of severe catastrophes, as happened last year, were thankfully rare.

Jeworrek added that the firm was prepared to cope with such a rare set of events, adding that it was the insurance sector’s job to cover extreme losses.

Last year was also unusual in that weather, typically the dominant factor in total losses, was of secondary importance compared to earthquakes, principally those in New Zealand and Japan.

 

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