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 three 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). •