Worldwide natural catastrophes and man-made disasters cost insurers $26 billion last year–less than half of the industry's payout in 2008–but 2009 was an anomaly and carriers likely face even bigger exposures down the road, according to a report by Swiss Re.
In 2009, the total economic loss for catastrophes–which killed 15,000 people last year–was $62 billion, compared with $269 billion for 2008, when insured losses totaled $52.5 billion, the company said in its latest “sigma” report.
Insured losses, Swiss Re said, were below average due to a calm U.S. hurricane season. The portion of insured losses last year attributable to 133 natural catastrophes was put at $22 billion, while losses from 155 man-made disasters totaled $4 billion.
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