During the first half of 2011, the P&C industry saw an unprecedented number of severe natural catastrophes in both the U.S. and abroad.
The accumulation of a total of 100 events—taking into account the deadly thunderstorms and deluge of tornadoes—produced an excess of $18 billion (and climbing) insured losses in the U.S. alone. The global distribution of natural loss events, including the 9.0-magnitude earthquake in Japan, along with the resultant tsunami, the earthquake and flooding in New Zealand, and the tornadoes and flooding in the U.S., has already made 2011 the costliest year for natural disasters on record.
A total of 355 events transpired during the first six months of the year and the likelihood of more severe storms is very high. Although there has only been one named storm since the beginning of the Atlantic hurricane season on June 1, CSU scientists predict a "75 percent more active Atlantic hurricane season than usual."
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