Natural Catastrophe Losses Increase to $31 Billion

The cost to insurers of natural disasters rose to about $31 billion in the first 11 months of this year after earthquakes in Chile and New Zealand and winter storm Xynthia in Europe, Swiss Reinsurance Co. said. “Despite notably higher than average earthquake losses, overall claims in 2010 were in line with the 20-year average due to unusually modest U.S. hurricane losses,” the Zurich-based reinsurer said today in an e-mailed statement. Insured natural- catastrophe losses in 2009 totaled $22.7 billion, Swiss Re said.