Hurricane and earthquake losses in 2008 amounted to the third most expensive overall loss year on record, and in all probability things will get worse, according to a report issued by Munich Re.
The Munich, Germany-based insurer issued its “Topics Geo-Natural Catastrophe 2008″ report today, saying overall losses for 2008 came to $200 billion. When adjusted for inflation, 2008 losses were only exceeded by the hurricane year 2005, as well as 1995, the year of the Kobe earthquake in Japan.
Last year's most expensive catastrophe was the earthquake in Sichuan with direct losses of at least $85 billion.
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