Catastrophe Costs Will Set Record: Munich Re
The world’s biggest reinsurer by revenue said on Tuesday that the earthquake — which hit Japan with a magnitude of 9.0 in March — was the most expensive natural catastrophe on record in terms of economic losses.
It cost about $210 billion, more than the $125 billion of economic losses caused by Hurricane Katrina in 2005, and killed at least 15,500 people.
However, in terms of insured losses of about $30 billion, the Japanese earthquake remained below the level of Katrina.
Overall insured losses from catastrophes in the first half of this year — those losses which insurers and reinsurers will have to cover — were $60 billion, almost five times the first-half average since 2001.
Munich Re competes with Swiss Re and Hannover Re of Germany.
(Reporting by Maria Sheahan
- Mailing a Letter, in Context With Other Clues, Is Sufficient Cancellation – NC High Court
- Upstate Jury Says Harley-Davidson Must Pay $287 Million for Fatal ‘Trike’ Accident
- Police Officer’s Family Sues Girlfriend Accused of His Death and Bars That Served Her
- Insurtech Root, Goosehead Partner on Tech Integration for Independent Agents