ZURICH: Natural catastrophes and man-made disasters cost the insurance industry US$43 billion in 2010, Swiss Re, the world's second-biggest reinsurer, said on Tuesday, revising up an earlier estimate.
Swiss Re also revised down its extimate of worldwide economic losses from 2010 disasters to $218 billion from a November estimate of US$222 billion, still more than triple the 2009 figure of US$68 billion.
In November, Swiss Re predicted a total cost to insurers of US$36 billion from 2010 disasters.
Its new study showed natural catastrophes cost the industry about US$40 billion in 2010, while man-made disasters triggered claims of more than US$3 billion, compared to overall insured losses in 2009 of US$27 billion.
"Insured losses were highest in North America in 2010, where they exceeded US$15 billion," said Lucia Bevere, one of the study's authors. "Despite very low hurricane losses due to the absence of hurricanes making direct landfall in the U.S., a series of lesser storms throughout the year resulted in this high figure."
Swiss Re said the 2010 earthquakes in Chile and New Zealand were the two costliest events, leading to insured losses estimated at US$8 billion and US$4.4 billion respectively.
Swiss Re also reiterated that earthquake losses for 2011 would be above average due to the Japan disaster and also the February earthquake in New Zealand which it estimates to produced total insured claims of US$6-US$12 billion.
Swiss Re estimated last week it would face US$1.2 billion in claims from the devastating earthquake and tsunami in Japan. - Reuters
Swiss Re also revised down its extimate of worldwide economic losses from 2010 disasters to $218 billion from a November estimate of US$222 billion, still more than triple the 2009 figure of US$68 billion.
In November, Swiss Re predicted a total cost to insurers of US$36 billion from 2010 disasters.
Its new study showed natural catastrophes cost the industry about US$40 billion in 2010, while man-made disasters triggered claims of more than US$3 billion, compared to overall insured losses in 2009 of US$27 billion.
"Insured losses were highest in North America in 2010, where they exceeded US$15 billion," said Lucia Bevere, one of the study's authors. "Despite very low hurricane losses due to the absence of hurricanes making direct landfall in the U.S., a series of lesser storms throughout the year resulted in this high figure."
Swiss Re said the 2010 earthquakes in Chile and New Zealand were the two costliest events, leading to insured losses estimated at US$8 billion and US$4.4 billion respectively.
Swiss Re also reiterated that earthquake losses for 2011 would be above average due to the Japan disaster and also the February earthquake in New Zealand which it estimates to produced total insured claims of US$6-US$12 billion.
Swiss Re estimated last week it would face US$1.2 billion in claims from the devastating earthquake and tsunami in Japan. - Reuters
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