Despite the well-publicized damage from Hurricane Isabel and the California wildfires, 2003 was a comparatively “moderate” year for worldwide insured catastrophe losses, according to Swiss Re estimates released this week.
Insured property losses from natural catastrophes and man-made disasters in 2003 amounted to about $17 billion, Swiss Re reported. That figure is significantly less than recent record years–such as the $36 billion (including Hurricane Andrew) in 1992; the $35 billion, including 9/11 losses, in 2001; and the $34 billion, including storms Lothar and Martin, in 1999, noted Swiss Re.
In the United States, the worst catastrophes in terms of insured losses were: the tornadoes and hailstorms that hit the Midwest in May, $3.2 billion; the California wildfires in October, $2.1 billion; and Hurricane Isabel along the Atlantic Coast in September, $1.7 billion.
