Natural disasters see Munich Re’s worst year since Hurricane Katrina

Friday, 13 January 2012 10:09

Insurance claims in New Zealand and Japan last year reached an all-time high, according to Munich Re, the world’s largest reinsurer. According to their annual report, they spent a record $105 billion in claims. The cause? Natural disasters.

In March, Japan suffered a massive 8.9 magnitude earthquake which caused a ten-metre tsunami and aftershocks which shook the country’s capital Tokyo. This cost insurers between $35 and $40 billion.

New Zealand, too, experienced an earthquake in February which resulted in $13 billion worth of claims. Together the two earthquakes made up for about half of the whole year’s insurance claims, topping the number of paid out claims in 2005 when Hurricane Katrina devastated New Orleans.

Munich Re’s total economic losses for 2011 was around $380 billion, which is the highest since the $220 billion of 2005. These figures though, don’t take into account manmade natural disasters.

For the full report, see IOL Business.

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Natural disasters see Munich Re’s worst year since Hurricane Katrina

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