First-Half Insured Catastrophe Losses Reach $70B Globally

Global reinsurer Swiss Re released figures today assessing catastrophe damages from the first half of the year, claiming 2011 already ranks as the second-costliest year ever for insured catastrophe losses with $70 billion tallied globally.

2005 still stands as the costliest ($120 billion) year for catastrophic losses; Hurricanes Katrina, Wilma and Rita alone incurred $90 billion in losses.

As far as earthquake losses go, first-half 2011 losses surpass any other year in insured losses suffered. Overall. the losses keep piling up, as the Atlantic hurricane season, including significant damages recently incurred by Hurricane Irene, continues to contribute to the year’s total.

“Given the many people who died in Japan and the sad experiences in New Zealand, 2011 will certainly go down as another year of very tragic earthquakes. In terms of catastrophe claims, 2011 is already the second costliest year in history for the insurance industry,” Thomas Hess, Swiss Re’s chief economist, said. “Additional claims from the ongoing U.S. hurricane season or expensive winter storms in Europe have the potential to bring figures for the full year even closer to the record claims of $120 billion experienced in 2005.“

According to an Aon Group catastrophe study released yesterday, Hurricane Irene and other natural disasters could bring the total to around $7 billion in damages suffered in the United States alone since June 30. Globally, the figure approaches $10 billion.