The US accounted for a higher proportion of global natural catastrophe losses than usual in 2012, due to a series of severe weather-related catastrophes. Last year, natural catastrophes caused $160bn in overall losses and $65bn in insured losses worldwide. Some 67% of overall losses and 90% of insured losses were attributable to the US–the respective averages are 32% and 57%. The year's highest insured loss was caused by Hurricane Sandy, with an estimated amount of around $25bn.
Munich Re Board member Torsten Jeworrek comments “The heavy losses caused by weather-related natural catastrophes in the US showed that greater loss-prevention efforts are needed. It would certainly be possible to protect conurbations like New York better from the effects of storm surges. Such action would make economic sense and insurers could also reflect the reduced exposure in their pricing.”
Overall, losses were significantly lower in 2012 than in the previous year, when record figures were posted due to the earthquakes in Japan and New Zealand and severe floods in Thailand. In 2011, overall losses came to $400bn and insured losses to $119bn– also a record amount. A long-term comparison shows that 2012 losses were above the ten-year average of $50bn for insured losses and slightly below the average of $165bn for overall losses.
Some 9,500 people lost their lives in natural catastrophes last year compared with the ten-year average of 106,000. The relatively small number of fatalities was due to the fact that, in 2012, few severe natural catastrophes occurred in emerging and developing countries, where natural catastrophes tend to have far more devastating consequences in terms of human lives.
With regard to the 2012 loss statistics, Hurricane Sandy alone accounted for some $50bn in overall losses.
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