Worldwide ?04 CAT Losses At $42 Billion: Swiss Re
NU Online News Service, Dec. 17, 4:22 p.m. EST?Property insurers worldwide will shoulder $42 billion of the total losses from natural and man-made catastrophes in 2004, according to a preliminary Swiss Re estimate.[@@]
Swiss Re estimated that more than 21,000 people around the world lost their lives as a result of 300 natural and man-made catastrophes in 2004.
The largest claims occurred in the United State and Japan. Swiss Re noted that the United States, Caribbean, Gulf of Mexico and parts of the Atlantic Basin were hit by a series of hurricanes in August and September.
The four hurricanes caused U.S. losses in the billions. Charley wrought economic damage of $16 billion, including insurance claims of $7 billion, Swiss Re stated.
Insurance claims figures for the other hurricanes were: $5 billion for Frances, $4 billion for Jeanne, and $11 billion for Ivan.
Swiss Re said while it's not possible to calculate a final figure on CAT losses worldwide, it is clear that 2004 will go down as one of the most expensive in recent history.
By way of comparison, Swiss Re noted that in 1992, losses adjusted for inflation were in the region of $38 billion (including Hurricane Andrew); in 2001 they reached $37 billion (including the 11 September terrorist attack); and in 1999, they totaled $36 billion (including the Lothar and Martin winter storms).
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