Insured US cat losses in first half of 2008 eclipse 2007 total

Insured catastrophe losses in the United States for the first half of 2008 already exceed the total cat losses for 2007, according to a joint Webinar hosted by the Insurance Information Institute (III) and Munich Re Group.At this rate, 2008 catastrophe losses are on track to overtake catastrophe losses in 2006.Insurance Information Institute data indicate the total insured natural disaster losses in the United States for the first half of 2008 has added up to US$8.9 billion, compared to 2007’s losses of US$6.7 billion. In 2006, total insured cat losses were US$9.2 billion. Carl Hedde, head of risk accumulation at Munich Reinsurance America, noted that so far this year, insured losses in the United States due to severe thunderstorms is at a record-setting pace of US$8.14 billion. He also estimates flood losses are up to US$1 billion, winter storms have caused US$745 million in insured losses and wildland fires account for US$30 million. Typically, the majority of wildland fire losses occur in the latter half of the year, Hedde added. So far this year, the United States has experienced 109 natural disasters, more than double the number of events in 1980 (approximately 39 events).The first half of 2008 has also been unusually active for tornadoes, noted Insurance Information Institute president Robert P. Hartwig. The first quarter of 2007 included 244 tornadoes, whereas 2008 Q1 saw 350.Five-hundred and forty-three tornadoes touched down in 2007 Q2, while an estimated 742 touched down during the same period of 2008.