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Cumulative of insurance companies reached to USD 70 billion in the first half year of 2011

10 September 2011 09:30 (UTC +04:00)

Baku. Vahab Rzayev â€“ APA. 2011 will be the year with the highest insured earthquake losses in history, says Switzerlandâ€™s â€œSwiss Reâ€ company, APA reports. According to preliminary sigma estimates, total insured losses for the global insurance industry from natural catastrophes and man-made disasters reached an estimated USD 70 billion in the first half of 2011. This is more than double the figure of USD 29 billion for the first six months of 2010. Claims from natural catastrophes alone reached USD 67 billion in the first half of 2011, compared to USD 27 billion in the same period of last year.

Total economic losses to the society (insured and uninsured) for the first half yearâ€™s disasters were almost USD 278 billion. Approximately 26 000 people lost their lives in catastrophes in the first six months of 2011, most of them in Japan.

With more than USD 70 billion in insured catastrophe losses in the first half year alone, 2011 already ranks as the second most expensive year according to sigma records. This figure was only surpassed in 2005 when total catastrophe claims amounted to USD 120 billion, with hurricanes Katrina, Wilma and Rita causing claims of over USD 90 billion.