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2008 second worst year for disaster losses

Posted by feww on December 11, 2008

Disaster losses in 2008 are about $160 billion, so far, insurers Munich Re Foundation say

Only 2005 saw a bigger financial toll of $220 billion, with a large contribution from hurricane Katrina.

China’s Sichuan quake which struck in May, was the costliest disaster in 2008 so far. However, it should be noted that outside the U.S. and EU,  natural disaster losses are far less likely to be covered by insurance.

According to a joint study by Munich Re and the U.N. Environment Program, weather-related disasters caused by global warming are rising.

“Since the 1980s… weather-related hazards such as major floods have increased by as much as 350 percent and those from wind storms have doubled,” the report said.

Meanwhile, the Colorado State University hurricane research team said 2009 would be another “above-average” hurricane season like 2008. They forecast 14 tropical storms in the 2009, including seven that would develop into hurricanes, with three being dangerous Category 3 or above on the Saffir-Simpson scale.

FEWW Tropical Storm Forecast will be release early 2009. Stay tuned!

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One Response to “2008 second worst year for disaster losses”

  1. […] 2008 second worst year for disaster losses […]

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