Insured losses from natural catastrophes and man-made disasters totaled $40 billion in 2013, well below the ten-year average of $60 billion, according to ”2013 Catastrophe Review,” from Guy Carpenter & Co., a provider of risk and reinsurance intermediary services.

“Last year will likely be known as the ‘year of the flood,’ with significant global flood events affecting Central Europe, Australia, Canada and the United States,” said Julian Alovisi, VP for Guy Carpenter. “Although 2013 was relatively quiet compared to past years, several major events such as the tornado outbreaks in the U.S., floods, hail and windstorms in Europe and Typhoon Haiyan in the Philippines inflicted widespread devastation and significant losses on impact.”

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