General Insurance Article - Insured losses through catastrophes below 10 year average

 Exceptionally high losses from weather-related catastrophes in Europe and Supertyphoon Haiyan dominated the overall picture of natural catastrophes in 2013, reports Munich Re. Floods and hailstorms caused double-digit billion-dollar losses in central Europe, and in the Philippines one of the strongest cyclones in history, Supertyphoon Haiyan, resulted in a human catastrophe with over 6,000 fatalities.

 Globally, losses from natural catastrophes in 2013 were somewhat more moderate: the direct overall losses of around $125bn and insured losses of around $31bn remained below the average figures of the past ten years($184bn and $56bn). Regrettably, in a total of 880 natural catastrophes(average of the past ten years: 790), more than 20,000 people were killed. This meant that the death toll was higher than in 2012, but significantly below the average of the past ten years (106,000).

 “Several of the events of 2013 illustrated how well warnings and loss minimisation measures can restrict the impact of natural catastrophes. In the case of the most recent winter storms in Europe, for example, the losses remained comparatively low”, said Torsten Jeworrek, Munich Re Board member responsible for global reinsurance business. “At the same time, events like those in the Philippines show the urgent need for more to be done in developing and emerging countries to protect people better. This includes stabler buildings and protection facilities, and insurance programmes–also with state backing–to provide those affected with financial assistance after a disaster.”