Reinsurance (April 01, 2009)

YEAR 2008 AMONG WORST FOR GLOBAL CAT LOSSES

Year 2008 was one of the worst for catastrophe losses, according to Swiss Re, with global insurers paying out US$52.5 billion in property claims.

The total impact on the economy caused by natural and man-made catastrophes around the world added up to US$269 billion, according to a new Swiss Re sigma study, Natural catastrophes and man-made disasters in 2008.

Almost half of the total damages can be attributed to the earthquake that struck China in May, which caused damage to the economy amounting to US$124 billion, the study notes.

There were 137 natural catastrophes and 174 man-made disasters in 2008, with Asia suffering the most fatalities and the United States being hit hardest in terms of insured property losses.

High catastrophe claims in the United States were in part due to Hurricanes Ike and Gustav, in addition to thunderstorms in the first half of the year.