Cats In ‘99 Burden Industry
Friday, December 10th, 1999 Catastrophe PropertyAccording to Swiss Re’s sigma study, 52,000 people were killed by catastrophes in 1999, with natural catastrophes being responsible for more than 80 percent of all victims. Nearly 25,000 victims lost their lives as a result of earthquake, and more than 16,000 as a result of storms. A large part of the economic losses, which according to Swiss Re totalled more than US$65 billion, also is attributable to natural catastrophes. A series of catastrophes in August and September made a major contribution to economic losses. These include the earthquakes in Turkey and Taiwan, with total damage of about $20 billion and $14 billion, respectively; Hurricane Floyd at $7 billion; and Typhoon Bart in excess of $3 billion. The year had a large impact on insurers operating in the regions affected by earthquakes and storms, as well as on international industrial insurers and reinsurers.
