While the terror acts of Sept. 11, 2001 did cause some business-continuity issues, they did not create major supply-chain issues, he adds.

Businesses have done well this year in spite of the disasters, but “the impact of the Japanese tsunami and earthquake was so large that it did impact the global economy,” Hartwig explains. “I think that risk managers who do business with Japanese partners directly or indirectly will use this as a case study to find ways to adjust their risk management—most importantly for supply-chain disruption.”

Finding alternative sources for supply following a disruption can be expensive and “these are the things insurance can help with,” he says.

On the insurance side, Hartwig says global insurers and reinsurers “fared very well.”

“This means risk managers around the world are by and large taking advantage of global insurance markets and, indirectly, reinsurance markets,” he observes.

However, of the $250 billion in natural-catastrophe losses during the first half of the year, only $55 billion was actually insured, the I.I.I. reported.

Some of those losses are being internalized by businesses and individuals with the majority simply uninsured—and he points out that not all is even insurable.

Even with all the catastrophe activity, the market has not turned, he says.

In an online slide presentation Hartwig notes that the “extraordinary accumulation” of severe natural catastrophes, earthquakes, tsunami, floods and tornadoes have caused $260 billion in global economic losses—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, 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 came to $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.