2007 international p&c losses totalled US$25 billion

Natural and man-made catastrophes led to overall financial losses of US$61 billion across the globe, with property insurers contending with losses totalling US$25 billion, according to preliminary estimates by Swiss Re.Although the insured losses, at US$25 billion, were US$9 billion higher than in the previous year, 2007 is below the long-term trend, a Swiss Re release says.In the United States, a winter storm struck the East Coast in April, bringing with it heavy rainfall that resulted in flooding.California wildfires also contributed to significant North American losses, Swiss Re notes. Major man-made disasters in 2007 caused insured losses in excess of US$2 billion. Major industrial fires, explosions and aviation and spacecraft losses topped the list of most expensive losses, Swiss Re says.Insured property losses for man-made catastrophes were approximately the same magnitude as those of 2006, the statement adds.The Top 3 most expensive insured losses in 2007, according to the report, included Winter storm Kyrill (US$5.9 billion); the first wave of U.K. flooding (US$2.6 billion); and the second wave of U.K. flooding (US$2.1 billion).