Catastrophes cost industry $50 billion in 2008, claim 238,000 lives: Swiss Re

http://www.businessinsurance.com/cgi-bin/news.pl?post_date=2008-12-18&id=14826

Business Insurance

Catastrophes cost industry $50 billion in 2008, claim 238,000 lives: Swiss Re
Posted On: Dec. 18, 2008 5:41 AM CST
Michael Bradford


LONDON—Catastrophes have taken more than 238,000 lives in 2008 and cost property insurers more than $50 billion, making the year the second costliest in terms of insured catastrophe losses, a new study by Swiss Reinsurance Co. reveals.>

Natural catastrophes accounted for $43 billion of the total losses and $7 billion were from manmade disasters such as explosions and fires, Swiss Re said in the sigma study.>

The $50 billion in losses rank 2008 as the second costliest year for insurers behind 2005, when heavy storms caused much of the $107 billion in losses paid by insurers, Swiss Re points out.>

Hurricane Ike was the most expensive natural disaster in 2008, causing $20 billion in losses for insurers, the report says. A ruptured pipeline on Varanus Island in Western Australia was the costliest manmade disaster, resulting in losses to insurers and the local economy of at least $1 billion.>

Tropical cyclone Nargis was the deadliest event of the year. The storm that struck Myanmar killed 138,400, Swiss Re says.>

***********************************************************************
This posting was made my Jim Jacobs, President & CEO of Jacobs Executive Advisors. Jim also serves as Leader of Jacobs Advisors' Insurance Practice.