Swiss Re Says Disasters Caused $130 Billion of Losses

(Corrects to distinguish between economic and insured losses in second paragraph.)

Swiss Re AG (SREN), the second-largest reinsurer worldwide, said natural and man-made catastrophes in 2013 caused $130 billion in economic losses tied to floods, hailstorms and other events.

Insured losses fell to $44 billion from $81 billion a year earlier, Swiss Re said in a statement. The most costly disaster was flooding in European nations including Germany that probably caused $18 billion in economic losses and $4.1 billion in insured losses, followed by Hailstorm Andreas in Germany and France with $3.8 billion in economic losses and $3.4 billion in insured losses.

About 25,000 people died this year in the catastrophes, including about 7,000 in the Philippines when Typhoon Haiyan hit in November, Swiss Re said. Last year’s economic losses were $196 billion, according to the reinsurer.

To contact the reporter on this story: Katia Dmitrieva in Toronto at edmitrieva1@bloomberg.net

To contact the editor responsible for this story: Dan Reichl at dreichl@bloomberg.net

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