natural catastrophe

Global insured losses from natural catastrophes and man-made disaster events are estimated to reach $34 billion in 2014 by Swiss Re’s sigma research unit, below recent annual averages, while economic losses reached $113 billion.

Reinsurance firm Swiss Re’s sigma has estimated that the first-half of 2014 resulted in around $44 billion of economic losses and $21 billion of insured losses from natural catastrophe and man-made disaster events.

Demonstrating the need to increase financial protection against weather, climate and water related disasters, a new report from the WMO shows that between 1970 and 2012 the global economy suffered a huge $2.4 trillion of losses as a result of these events.

Global reinsurance firm Swiss Re has now delivered its final assessment on the total global economic and insured losses from natural catastrophes and man-made disasters in 2013, putting insured losses at $45 billion and economic losses at $140 billion.

2013 gave the reinsurance industry a respite, following two above-average years of losses in 2011 and 2012. Insured losses in 2013 from natural catastrophes and man-made disasters are estimated at around $40 billion, according to reinsurance broker Guy Carpenter.

Impact Forecasting, reinsurance broker Aon Benfield’s catastrophe model development unit, has released its report on 2013 natural catastrophe events and puts total insured catastrophe losses for 2013 at $45 billion.

German insurers are set to pay out €7 billion, which is approximately $9.6 billion, as a result of the weather catastrophes which struck the region in 2013, which the Association of German Insurers (GDV) has termed an exceptional year.

The regional breakdown of global insured natural catastrophe losses in 2013 was vastly different to that experienced in 2012, as Europe saw significant losses from extreme weather events and the U.S. experienced a benign hurricane season, shows data from Munich Re.

Reinsurance firm Swiss Re has estimated the total economic losses from natural catastrophes and man-made disasters in 2013 at $130 billion, resulting in a $44 billion insured loss toll for the global insurance and reinsurance industry.

Reinsurance firm Swiss Re’s sigma unit, which analyses and quantifies economic and insured losses from natural and man-made catastrophe events in its reports, has put an estimate on global catastrophe losses from the first-half of 2013 at $56 billion of economic losses and over $20 billion of insured losses.