Catastrophe Activity Review

Catastrophes outside the U.S. this year are costing insurers a lot more than domestic disasters – at least so far – with overseas carriers absorbing losses from Chile’s earthquake and the Deepwater Horizon oil spill, according to a Bloomberg report.

The article quotes Insurance Information Institute (I.I.I.) president Dr. Robert Hartwig saying:

“More years than not it’s the U.S. that has the greatest insured catastrophe loss. Global losses dwarfed U.S. losses this year.†

The Deepwater Horizon oil spill has been the defining event for man-made disasters so far in 2010.

Earthquakes in Haiti, Chile and the U.S., winter storms in Europe and the U.S., and severe floods in Eastern Europe are just a few of the events that have defined a very active first six months for natural catastrophes, according to Munich Re.

An overview of U.S. and global natural catastrophe activity for the first six months of 2010 will be jointly presented by Munich Re and the I.I.I. in a webinar to be held Friday July 7.

Munich Re puts insured losses for global catastrophes in the first six months of 2010 at $23 billion – the highest on record for the same time period since 1994, and exceeding the 10-year average of $11 billion.

In contrast, in the U.S., insured losses for the first six months totaled $6.5 billion, in line with the 10-year average of $6.6 billion.

Register here to participate in next week’s webinar.

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