Swiss Re said worldwide natural catastrophes and man-made disasters, which killed 15,000 people last year, cost insurers $26 billion, $26.5 billion less than the firm reported for 2008.

In 2009 the total economic loss was $62 billion compared with $269 billion for 2008, when insured loss was $52.5 billion, the company said in its latest sigma report.

Insured losses were below average due to a calm U.S. hurricane season. The portion of insured losses last year attributable to 133 natural catastrophes was put at $22 billion and losses from 155 man-made disasters totaled $4 billion.

North America's insured loss was listed at more than $12.7 billion.

The death toll was far below the 240,500 Swiss Re counted last year. The highest number of 2009 fatalities was in Asia, where nearly 9,400 people died.

Swiss Re's report said the $36 billion gap between economic loss and insured loss for 2009 suggests lack of insurance coverage leaves many individuals and governments vulnerable after a catastrophe. With yearly losses increasing, so is the need for insurance coverage.

The report noted that a higher value concentration of wealth in loss-prone regions and a trend toward more insurance coverage, plus global warming and the related higher risk of extreme weather conditions, contributed to the loss trend.

Secondary perils such as flooding, landslides, hail storms, tornadoes, winter storms outside Europe, snow and ice storms, droughts and bush fires are important loss sources but receive little attention with most of the focus on earthquakes, hurricanes and winter storms.

In 2009, more than half of the natural catastrophe loss burden was caused by secondary perils, the report said.

Special Reports /

Swiss Re: Natural, Man-made Disasters Dropped $26 Billion

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