Large-scale weather events in the U.S. dominated insurance losses in 2012, pushing global insured claims for the year to $77 billion, says a report from Swiss Re.
The year was the third most expensive on record with respect to insured losses, but was significantly lower than the highest ever recorded—which was 2011—when record earthquakes and flooding in the Asia Pacific region caused insured losses of $126 billion.
Swiss Re says 9 of the 10 most expensive insured-loss events in 2012 were in the U.S., where insurers picked up $65 billion of the $119 billion in economic losses for the year.
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