Disasters cause losses of $222b in 2010
ZURICH: Man-made and natural disasters generated worldwide economic losses of 222 billion dollars in 2010, more than three times last year's figure, the world's biggest reinsurer Swiss Re estimated on Tuesday.
This year's major catastrophes claimed 260,000 lives, most of them in the deadly Haiti earthquake during which over 222,000 people were killed.
Other disasters with high casualty rate included Russia's heatwave which left about 15,000 dead and summer floods in China and Pakistan which killed 6,225, said Swiss Re. Yet, despite the three-fold jump in economic losses, the impact to insurers rose only 34 percent from a year ago to 36 billion dollars, as the most devastating disasters occurred in regions which had little insurance coverage. "While most of the costliest events caused by the earthquakes in Chile and NZ and the winter storm in western Europe were covered by insurance, events like earthquake in Haiti and floods in Asia were barely insured," noted Thomas Hee. -Ap