Global property losses rise 50%
Insured property losses worldwide rose by more than 50% last year to $25 billion – an increase of $9 billion, according to a forthcoming Swiss Re Sigma report quoted in Business Insurance. If you include uninsured losses, the total rises to $61 billion.Natural catastrophes in the first half of the year were mainly responsible. Europe was “unusually’’ hard-hit by windstorms, most notably Kyrill, which caused flooding in the United Kingdom and large losses in Belgium, Germany and the Netherlands.The UK also was hit hard by heavy rains and flooding during the summer, Swiss Re said.
In North America, a winter storm struck the East Coast in April, bringing heavy rainfall that resulted in flooding. In October, wildfires ravaged acre after acre in Southern California. Property insurers paid out around $22 billion for these events, Swiss Re said, adding that an additional $2 billion was paid out as a result of “man-made’’ catastrophes.Those incidents include major industrial fires, explosions and aviation and spacecraft losses. Despite the rise, Swiss Re says the losses are below the long-term trend.
