Swiss Re: Catastrophes cost the insurance industry USD 70 billion in the first half year of 2011
Source(s):
Swiss Reinsurance Company (Swiss Re)
Swiss Re reports that total insured losses for the global insurance industry due to natural catastrophes and man-made disasters attained USD 70 billion in the first half of 2011.
Thomas Hess, Swiss Re’s Chief Economist, says: "Given the many people who died in Japan and the sad experiences in New Zealand, 2011 will certainly go down as another year of very tragic earthquakes. In terms of catastrophe claims, 2011 is already the second costliest year in history for the insurance industry. Additional claims from the ongoing US hurricane season or expensive winter storms in Europe have the potential to bring figures for the full year even closer to the record claims of USD 120 billion experienced in 2005."