Global Natural Catastrophe Losses Fell in 2012, Munich Re Says
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Munich Re, the world’s largest reinsurer, said global losses from natural catastrophes were cut in half in 2012, with Hurricane Sandy causing the highest costs.
Natural catastrophes caused $160 billion in losses and $65 billion in global insured losses down from $400 billion and $119 billion respectively in 2011, the Munich-based company said in a statement on its website today. Sandy accounted for about $50 billion in overall losses, with estimates still “subject to considerable uncertainty,” the reinsurer said.