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Volume 27, Issue 3

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January 9, 2014

2013 Nat Cat Losses Below Average

Of the five costliest natural catastrophes for the insurance industry in 2013, only two were U.S. events, though neither ranked first or second, according to Munich Re.

In its 2013 Natural Catastrophe Year-in-Review Webinar jointly presented with the I.I.I., Munich Re noted that hailstorms in Germany in July actually caused the highest insured losses of the year. This was also the insurance industry’s most expensive hail event in German history, costing $4.8 billion in overall economic losses, of which $3.7 billion was insured.

Flooding in Europe in June was the second most costly natural catastrophe for the insurance industry in 2013, causing insured losses of $3 billion, though overall economic losses from this event totaled $15.2 billion, making it the costliest natural catastrophe of the year in terms of economic losses.

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http://www.iii.org/insuranceindustryblog/?p=3507