Disasters cause world losses of $ 222 bn in 2010

Man-made and natural disasters generated worldwide economic losses of $ 222 bn in 2010.

Last Updated: Nov 30, 2010, 18:01 PM IST

Zurich: Man-made and natural disasters generated worldwide economic losses of USD 222 billion in 2010, more than three times last year`s figure, the world`s biggest reinsurer Swiss Re estimated today.

This year`s major catastrophes claimed 260,000 lives, the bulk of them in the deadly Haiti earthquake during which over 222,000 people were killed.

Yet, despite the three-fold jump in economic losses, the impact to insurers rose only 34 per cent from a year ago to USD 36 billion, as the most devastating disasters occurred in
regions which had little insurance coverage.

"While most of the costliest events caused by the earthquakes in Chile and New Zealand and the winter storm in western Europe were covered by insurance, events like the
earthquake in Haiti and floods in Asia were barely insured," noted Thomas Hee, chief economist of Swiss Re.

Bureau Report