Drop in losses from natural disasters
Print Edition
NATURAL disasters caused total economic losses of US$41 billion in the first six months of this year, much less than usual, reinsurance group Swiss Re estimated yesterday.
The figure released by the Zurich-based group, which combines both insured and uninsured losses, was down from US$59 billion in the first half of 2013. It was also about half the average first-half loss of the previous 10 years, which was US$94 billion.
The insurance industry took a hit of US$21 billion from disasters in the January-June period. That was down from the US$25 billion in payouts over the same period in 2013, and also below the US$27 billion 10-year average.
The costliest disaster for the insurance sector was the thunderstorms and hail which hit the United States in mid-May, causing US$3.2 billion in damage, of which US$2.6 billion was insured.
Next came June’s storms in France, Germany and Belgium, where losses reached US$2.7 billion, with US$2.5 billion of that covered by insurers.
February’s snowstorm in Japan inflicted US$5 billion in economic losses, but only half of that figured was insured.
The January snowstorm in the United States led to economic losses of US$2.5 billion, of which US$1.7 billion was insured.
And May’s thunderstorms and tornadoes in the United States generated losses of US$1.7 billion, with US$1.1 billion of that covered.
Rich countries traditionally see the most expensive single disasters in terms of insurance claims, given their wealthier economies and extensive insurance penetration.
Poorer nations generally face a gap between overall economic damage and insurance payouts. For example, May’s heavy flooding in Serbia, Bosnia and Croatia resulted in economic losses of US$4.5 billion, but Swiss Re said insured losses were moderate due to low coverage.
Poorer nations also traditionally bear the brunt in terms of lives lost in disasters, which Swiss Re said reached 4,700 in the first six months of this year.
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