The Canadian Press - ONLINE EDITION
Swiss Re cites Sandy, extreme US weather for $77b insurance losses
GENEVA - The world's second-largest reinsurer says natural catastrophes and man-made disasters cost the insurance industry $77 billion in 2012, the third costliest year on record.
Swiss Re says the more than 300 catastrophes and disasters caused the loss of 14,000 lives and $186 billion, mostly due to "large scale weather events" in the United States such as Hurricane Sandy that accounted for $35 billion of insured losses — nearly half the total worldwide.
But the Zurich-based firm noted in a statement Wednesday the losses were well down from 2011, when record earthquakes and flooding in Asia Pacific region caused the highest ever recorded losses of more than $126 billion.
Kurt Karl, Swiss Re's chief economist, says "large parts of the globe that are prone to weather extremes" were uninsured.
Please use the form below and let us know.
Having problems with the form?Contact Us Directly
(1 of 6 articles for this year)03/26/2015 6:00 PM 0
Photo Store Gallery
- Kids get leg up in life with lessons on mindfulness: University of B.C. study
- Growing number of single Saudi women challenge conservative society on love, marriage and work
- Siblings with autism often have different genetic mutations: study
- Thalidomide survivors still hoping for funding after Ottawa misses deadline
- No princes required: Daughters help inspire independent Disney princesses not seeking romance
- Wyoming becomes latest US state to legalize gay marriage after Supreme Court decision
Ads by Google