NU Online News Service, Sept. 20, 2:28 p.m. EDT
Natural catastrophes have made 2011 the highest loss year on record globally, Robert Hartwig, president of the Insurance Information Institute, notes yesterday at the Houston Marine Insurance Seminar.
In his slide presentation Hartwig says that the “extraordinary accumulation” of severe natural catastrophes, earthquakes, tsunami, floods and tornadoes have caused $260 billion in globally in economic losses in the 2011 first half—a new record for the first six months, exceeding the previous record of $220 billion in 2005.
There also have been $55 billion in insured losses globally, he adds, which is more than double the first half 2010 amount and more than four times the 10-year average.
Economic losses in the U.S. totaled $27 billion, representing a 129 percent increase over the $11.8 billion amount through the first half of 2010.
Insured losses in the U.S., arising from 100 cat events were $17.3 billion, representing a 162 percent increase over the $6.6 billion amount through the first half of 2010, he says.
As of June 30, 2011 there were:
1,585 tornadoes in the U.S., claiming more than 500 lives.
7,176 reports of “large hail” through June 30, causing extensive damage to homes, businesses and vehicles.
11,283 high wind events causing significant damage.
A total of 20,044 severe weather reports.
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