Swiss Re Says 2011 Natural Disasters Cost Insurers $110 Billion
This article is for subscribers only.
Swiss Re Ltd., the world’s second-biggest reinsurer, said natural catastrophes cost the insurance industry $110 billion last year after record flooding and earthquake losses.
At $49 billion, 2011 was the costliest year in terms of insured earthquake losses after temblors in Japan and New Zealand, while floods in Thailand caused $12 billion of losses, “the highest insured losses ever for a single flood event,” the Zurich-based company said in an e-mailed statement. Claims from man-made disasters were $6 billion.