| Insurance Costs of Natural Disasters | |||||
| Cause | Region | Loss in $US | Loss in € | Sums Insured | Date 2011 |
| Earthquake, Tsunami | Japan | 210 | 149.90 | 30 | 11/03/11 |
| Earthquake | New Zealand | 20 | 14,27 | 10 | 22/02/11 |
| Storms & Tornados | United States | 7,5 | 5,35 | 5 | 22-28/04/11 |
| Floods | Australie | 7,3 | 5,21 | 2,55 | Dec 10 – Jan 11 |
| Storms & Tornados | United States | 7 | 5 | 4,9 | 20 to 25 May |
A Munich Re Press Release of to-day July 13th states "An exceptional accumulation of very severe natural catastrophes makes 2011 the highest-ever loss year on record, even after the first half-year. Already, the approx. US$ 265bn in economic losses up to the end of June easily exceeds the total figure for 2005, previously the costliest year to date (US$ 220bn for the year as a whole). Most of the losses were caused by the earthquake in Japan on 11 March.
In total more than 355 natural disasters were recorded throughout the world in the first six months of 2011 as compared to the 390 average for the same period in the last ten years. However the damage in Japan were enormous; US$210Bn for that disaster on its own (€151Bn)
For the insurers, the losses generated by this double catastrophe totalled US$30Bn (€21.60Bn), an amount lower than the loss generated by Hurricane Katrina that struck Louisana in 2005.
The New Zealnd earthquakes in February and June caused US$20bn of damage (€14.30Bn) of which more than half were insured.
Meteorological disasters were also numerous and violent in the firsst six months of the year, particularly those derived from the La Niña phenomenon, which created serious perturbations by cooling the tropical Pacific Ocean.
With 1,600 tornadoes recorded in the world between January and June, the first six months of 2011 has already almost beaten the 2008 record - also a La Niña year according to Munich Re. The south and centre of the USA were affected by particularly violent tornados on April and May.
At the beginning of the year, the North-East of Australia was the victim of violent floods and then of Cyclone Yasi - the most severe storm seen in the region for almost a century.
Last March a Swiss Re - world number 2 reinsurer - showed that in 2010 natural disasters had caused economic damage estimagted at US$218Bn and costing insurers US$43Bn (€154.40 and €30.50 respectively). Also according to Swiss Re, the cost of damage was 3 times greater than the €68Bn recorded in 2009.
Original Article by Brigitte Bornemann at http://science-ethique.blogspot.com/ - translated by Christopher LONGMORE
Sources: AFP, Les Echos, Reuters, Munich Re.
For the insurers, the losses generated by this double catastrophe totalled US$30Bn (€21.60Bn), an amount lower than the loss generated by Hurricane Katrina that struck Louisana in 2005.
The New Zealnd earthquakes in February and June caused US$20bn of damage (€14.30Bn) of which more than half were insured.
Meteorological disasters were also numerous and violent in the firsst six months of the year, particularly those derived from the La Niña phenomenon, which created serious perturbations by cooling the tropical Pacific Ocean.
With 1,600 tornadoes recorded in the world between January and June, the first six months of 2011 has already almost beaten the 2008 record - also a La Niña year according to Munich Re. The south and centre of the USA were affected by particularly violent tornados on April and May.
At the beginning of the year, the North-East of Australia was the victim of violent floods and then of Cyclone Yasi - the most severe storm seen in the region for almost a century.
Last March a Swiss Re - world number 2 reinsurer - showed that in 2010 natural disasters had caused economic damage estimagted at US$218Bn and costing insurers US$43Bn (€154.40 and €30.50 respectively). Also according to Swiss Re, the cost of damage was 3 times greater than the €68Bn recorded in 2009.
Original Article by Brigitte Bornemann at http://science-ethique.blogspot.com/ - translated by Christopher LONGMORE
Sources: AFP, Les Echos, Reuters, Munich Re.
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