Catastrophic Losses Up in 2008: Reinsurers

Three global reinsurers – Guy Carpenter, Munich Re and Swiss Re – are all reporting that catastrophic losses during 2008 are among the costliest on record.

Guy Carpenter Co., LLC reports in its 2008 Catastrophe Update that the high frequency and severity of Atlantic hurricanes, coupled with other weather-related and man-made losses placed the year among the costliest on record for insured catastrophe losses. Click here to read the entire report.

Meanwhile, Munich Re, in its annual catastrophic report, notes that while there was a drop in the number of loss-producing events between 2007 and 2008, individual catastrophes pushed up the numbers of victims and losses appreciably this year. The report says more than 220,000 people died as a result of natural catastrophes in 2008, and overall losses topped $200 billion. Click here for the full report.

On Dec. 17, Swiss Re reported catastrophes cost insurers more than $50 billion in 2008, making it the second costliest year in insurance history. Of the total amount, natural catastrophes accounted for $43 billion, with storms costing insurers USD 39bn. Hurricanes in the U.S. and the Caribbean triggered record losses, with Hurricane Ike resulting in claims of $20 billion, followed by Hurricane Gustav at $4 billion (insured losses include property, motor, offshore damage and flood losses covered by the National Flood Insurance Program). Click here for the entire report.