Natural Cat Losses Flat in 2002
Tuesday, December 31st, 2002 Catastrophe PropertyInsured losses from natural catastrophes in 2002 totaled $11.5 billion, the same figure as last year, according to Munich Reinsurance Co. Economic losses rose to $55 billion, up from $35 billion in 2001, largely due to floods in Europe, the Munich, Germany-based reinsurer said in its 2002 analysis of natural catastrophes. European flooding constituted the largest insured loss in 2002, totaling about $3 billion, according to Munich Re. Windstorm Jeanett in western and central Europe caused an insured loss of $1.5 billion, while tornadoes and severe storms in the United States in April accounted for insured losses of another $1.5 billion. Munich Re estimates that around 11,000 people were killed by natural catastrophes in 2002, down from 25,000 in 2001.
