Storms/Floods Led Cat Losses In 2002

Thursday, March 13th, 2003 Catastrophe Property

Storms and floods were the drivers of natural catastrophe losses worldwide in 2002, according to Munich Reinsurance Co. In its annual study of natural-catastrophe trends, the Munich, Germany-based reinsurer said insured losses from natural catastrophes amounted to $13 billion last year, a jump of 13 percent from $11.5 billion losses in 2001. Zurich, Switzerland-based reinsurance giant Swiss Re also issued similar findings in its new study, which said floods caused record losses in 2002, costing insurers worldwide $4.1 billion. Munich Re said significant natural-catastrophe events in the United States included tornadoes in April, which caused $1.6 billion in insured losses, and storms in November, which resulted in $460 million losses.

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