Catastrophe losses top US$70b in 2007
Updated: 2008-03-12 08:12
GENEVA-- Natural and man-made catastrophes around the world caused economic losses of more than US$70 billion last year, Swiss Re, the world's largest reinsurer, said on Tuesday.
More than 20,000 people lost their lives in various disasters in 2007, and property insurers were hit by claims totaling US$28 billion, the Zurich-based company said in a statement, citing a latest study it conducted.
According to the study, a total of 142 natural catastrophes and 193 man-made disasters occurred worldwide in 2007.
Europe was unusually hard-hit by natural catastrophes last year. In January, 2007, winter storm Kyrill caused insured losses of 6.1 billion U.S. dollars across Germany, Britain, Belgium and the Netherlands.
During the summer, Britain was also hit twice by heavy rains and flooding, causing US$4.8 billion in insured losses.
"In terms of insured property losses, Europe was the worst hit last year," said Rudolf Enz, one of the authors of the study.
However, catastrophes claimed the most lives in Asian countries such as Bangladesh, India, China and Pakistan, he said.
The most lethal disaster was Cyclone Sidr, which hit Bangladesh in November, causing 4,234 deaths.
The study expected even higher economic losses from natural and man-made disasters in future.
"Long-term figures indicate a steep upward trend, particularly in flood losses. Since 1970, losses have risen annually by an average of 12 percent (7 percent when adjusted for inflation)," said Enz.
|
|
|
||
|
||
|
|
|
|