Insured losses top US$25bn in 2007

International

The world’s property insurers faced losses of around US$25.0bn in 2007 as a result of natural and man-made catastrophes, according to preliminary estimates released by reinsurer, Swiss Re. Total financial losses, insured and uninsured, are calculated to be around $61.0bn. Man-made disasters accounted for just over $2.0bn of insured losses with large industrial fires, explosions, and aviation and aircraft losses at the top of the list. Although the insured loss figure of $25.0bn was $7.0bn higher than in 2006, the figure was below the long term trend. Swiss Re also estimated that more than 20,000 people were killed by catastrophes in 2007. All of the really large losses occurred during the first half of the year in Europe. Germany, the UK, Belgium and the Netherlands were hard hit by Winter Storm Kyrill.