Posted by manager
on Dec 15th, 2011 in Economy
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Natural disasters or man-caused economic loss of 350 billion USD in 2011, a record amount, according to a study released by the reinsurer Swiss Re on Thursday.
The invoice to be paid by insurers due to these disasters amounted to USD 108 billion, compared with 48 billion USD in 2010, reports Swiss Re, which states that this is a preliminary estimate.
In 2010, the disaster had caused less damage, amounting to 226 billion USD only.
In 2011, the earthquake in Japan was the major disaster of the year, reports Swiss Re.
The first 11 months of 2011, some 30,000 people lost their lives due to disasters, and most of them in Japan.
Says Kurt Karl, chief economist at Swiss Re, “2011 will be remembered as another new year marked by tragic earthquake, with costly consequences. ‘”
“Unfortunately, insurance coverage for earthquake are still very low, even in some industrialized countries with significant seismic risk such as Japan,” said Karl.
With a bill for $ 108 billion for insurers, the year 2011 will remain the second most expensive year for the profession after 2005.
That year was marked by numerous hurricanes, like Katrina, Rita or Wilma who alone represented the cost of $ 100 billion for insurers.