CAT LOSSES MORE THAN DOUBLE IN 2008 TO $200BN

Overall losses as a result of catastrophes in 2008 reached $200bn, up from $87bn the previous year, with insured losses rising 50% to $45bn, according to figures from German reinsurer Munich Re. The company noted that the number of loss-producing events fell to 750 from 960 the previous year, but that several significant catastrophes, including the Sichuan earthquake in China last May, pushed up economic losses considerably. Munich Re Board Member Torsten Jeworrek said that 2008 was the third-most expensive year on record, even after allowing for inflation. He added that “2008 has again shown how important it is for us to analyze risks like climate change in all their facets...”. Of the 220,000 people estimated to have died in catastrophes last year, cyclone Nargis was the major culprit, killing an estimated 135,000 people in Myanmar. Hurricane Ike was the most expensive insured loss, at $15bn. The overall economic loss of Ike was put at $30bn. Hurricane Gustav caused an estimated insured loss of $5bn and an economic loss of $10bn. Only two events in Europe caused insured losses of more that $1bn — windstorm Emma in March and windstorm Hilal in May/June.