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.
Recommended For You
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.