Dis­as­ters cause losses of $222b in 2010

The Pak Banker - - International3 -

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

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