Though 2008 may be a record-setting year for insurance losses as the number natural catastrophes continues to grow, it will not necessarily turn into a market-turning event, according to discussions in a recent Munich Re seminar.

With 109 natural disasters in the first half of this year, the number of incidents exceeds all past numbers of events dating back to 1980. Thunderstorm losses stand at $8.1 billion for the first half of this year, exceeding all previous years going back to 1980.

While wildfire losses are currently estimated at $30 million, a relatively low figure compared to past years, most of the losses from wildfires occur during the third and fourth quarters.

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