Insured Losses in Perspective: 2011 2nd Largest on Record
AIR Worldwide report examines combinations of global catastrophes that would make $200 billion future insured loss possible.
January 16, 2013
Insured losses from natural catastrophes were greater than $110 billion in 2011, the second-highest figure ever recorded, according to Swiss Re in “Taking a Comprehensive View of Catastrophe Risk Worldwide,” a report from AIR Worldwide. And there is a 6.7 percent probability the insurance industry will experience a loss of this size in any given year.
In 2012, insured losses totaled $65 billion, $25 billion of which are attributed to Superstorm Sandy, as estimated by Munich Re. The costliest year was 2005; insured losses from natural catastrophes including Hurricanes Katrina, Rita and Wilma alone caused claims of more than $100 billion.
All Insurance Networking News articles are archived after 7 days. REGISTER NOW for unlimited access to all recently archived articles, as well as thousands of searchable stories. Registered Members also gain access to exclusive industry white paper downloads, web seminars, podcasts, e-books, and conference discounts. Qualified members may also choose to receive our free monthly magazine and any of our e-newsletters covering the latest breaking news, opinions from industry leaders and developing trends.