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Costly Year in 2008

According to the 2008 Catastrophe Update, a report from Guy Carpenter & Company, LLC about the catastrophe reinsurance marketplace, the high frequency and severity of Atlantic hurricanes in 2008,

By staff Writer | Updated on February 28, 2009

According to the 2008 Catastrophe Update, a report from Guy Carpenter & Company, LLC about the catastrophe reinsurance marketplace, the high frequency and severity of Atlantic hurricanes in 2008, coupled with other weather-related and man-made losses, placed 2008 among the costliest on record for insured catastrophe losses.

The company reported that the ten-year moving average of insured catastrophe loss costs continued to rise in 2008, increasing by seven percent over 2007 — from $35.5 billion to $38 billion. Overall, the 2008 hurricane season produced a record number of consecutive storms striking the United States, ranking as one of the most active seasons in the 64 years since comprehensive recordkeeping began.

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