The huge number of natural disasters to afflict the world has meant that 2011 is, even at this stage, a record year for natural catastrophe losses, according to Munich Re.
So far, this year has seen losses of US$265bn, exceeding the previous annual record (set in 2005) of US$220bn.
In addition, the loss in H1 2011 is more than fivefold greater than the H1 average over the last 10 years.
The insured losses (US$60bn) was almost five times the average for the first six months of a year.
The Japanese earthquake was the largest single catastrophe, causing losses of US$210bn on its own (more than half again as large as the US$125bn loss suffered due to Hurricane Katrina).
In May Munich Re released its financial results for the first quarter, including a consolidated loss of €948m attributed to the cost of natural disasters.
News posted: July 12, 2011
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