Property-casualty insurers' catastrophe losses in 2006 were the lowest in 19 years at $15.9 billion, when adjusted for inflation, according to Swiss Re's latest sigma study.
The Zurich-based reinsurer said last year's catastrophe loss total was low despite a recorded 349 natural catastrophes and man-made disasters because most of them impacted developing countries with low property values. The disasters killed more than 31,000 people.
Low insurance penetration in developing countries also meant that only one third of $48 billion in economic losses in 2006 was actually covered by insurance, Swiss Re said. Overall, the study found 2006 brought property insurers the third lowest catastrophe losses of the past 20 years–only 1997 and 1988 were less expensive (after allowance for inflation).
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