Arab Today, arab today catastrophes cost economy 350bn in 2011
Last Updated : GMT 06:09:23
Arab Today, arab today
Arab Today, arab today

Catastrophes cost economy $350bn in 2011

Arab Today, arab today

Arab Today, arab today Catastrophes cost economy $350bn in 2011

Geneva - AFP

Natural and man-made catastrophes cost the world economy $350 billion (270 billion euros) and 30,000 lives this year, reinsurer Swiss Re said on Thursday. \"2011 will be the year with the highest catastrophe-related economic losses in history, at USD 350 billion,\" the company said in a statement. The figure compares to $226 billion last year. According to preliminary estimates, total insured losses for the global insurance industry from disasters reached $108 billion in 2011 -- more than double the 2010 figure $48 billion and the second highest on record. \"2011 would have been the costliest year ever for the insurance industry if Japan had been more fully insured,\" said Swiss Re, referring to the earthquake which sparked a tsumani and the Fukushima nuclear disaster in March. \"On top of people losing their loved ones, societies are faced with enormous financial losses that have to be borne by either corporations, relief organisations or governments and, ultimately, taxpayers,\" said Kurt Karl, Swiss Re’s chief economist. The Japan quake cost the insurance industry about $35 billion though total losses were nearer $210 billion. Total losses from the New Zealand quake which hit in February stood at $15 billion but most of this was covered by insurers, Swiss Re said. The most expensive year for insurers was 2005, the year when hurricane Katrina hit the United States, which along with other disasters cost the industry $123 billion. On top of the quakes in Japan and New Zealand, severe flooding in Thailand and Australia this year triggered more than $10 billion in insurance claims. Two tornadoes in the US cost almost $14 billion in claims and the industry paid out nearly $5 billion in property damage following Hurricane Irene. The reinsurer said more than 30,000 people lost their lives because of catastrophes in the first eleven months of the year, most of them in Japan. Earthquake insurance is still quite low, even in some industrialised countries with high seismic risk, such as Japan, it said. This year additional claims following the Thailand floods or winter storms which may yet hit Europe could bring it closer to the 2005 record, it said.  

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today catastrophes cost economy 350bn in 2011 Arab Today, arab today catastrophes cost economy 350bn in 2011

 



Arab Today, arab today
Arab Today, arab today Fadi Kataya explains secrets of  Nancy Ajram's newlook
Arab Today, arab today Messi visit will contribute in tourism

GMT 14:04 2017 Friday ,24 February

Messi visit will contribute in tourism
Arab Today, arab today Expresses Algerian history by woody figures

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures
Arab Today, arab today Mental conflict endures

GMT 07:36 2017 Friday ,24 February

Mental conflict endures

GMT 05:20 2017 Thursday ,23 February

WTO ratifies first multilateral trade deal

GMT 21:36 2017 Wednesday ,22 February

Opec needs to prolong cuts to eliminate surplus

GMT 16:32 2017 Wednesday ,22 February

US Treasury chief tells IMF to monitor currencies

GMT 16:08 2017 Wednesday ,22 February

Qatari banks merger to rebalance financial sector

GMT 05:57 2017 Wednesday ,22 February

Britain risks clash with EU over RBS bailout

GMT 05:26 2017 Wednesday ,22 February

Singapore carbon tax would hit refiners, help renewables
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Reading therapy relieves mental disorders

GMT 15:39 2017 Friday ,24 February

Reading therapy relieves mental disorders
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Wafaa Amer is happy for Sherihan’s return

GMT 07:36 2017 Wednesday ,22 February

Wafaa Amer is happy for Sherihan’s return
Arab Today, arab today Milan laughs while Rome cries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 05:19 2017 Tuesday ,21 February

Salma Rashid happy for 'A Whisper of Love'

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact

GMT 20:33 2017 Friday ,17 February

To release new antiques collection

GMT 07:51 2017 Wednesday ,22 February

Mom's immune system accepts babies

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 20:02 2017 Tuesday ,21 February

Nohan Seyam designs beautiful accessories
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday