Insured catastrophe losses in 2007 were higher than 2006 by $15 billion despite the absence of a major catastrophe this year, a major international insurer said.
Munich Re, in a report posted on its Web site, said insured losses by the end of 2007 reached $30 billion, double what they were in 2006.
In terms of economic loss, Munich Re said the figure stood at $75 billion in 2007, a 50 percent increase from $50 billion in 2006. However, the economic loss figures were far below 2005 record of $220 billion in losses.
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