Total catastrophe losses fall in 2009

The total cost of natural catastrophes and man-made disasters in 2009 fell to $52bn from $267bn in the 2008, a survey from Swiss Re has shown.

The insured cost of the catastrophes was around $21bn, with man-made disasters triggering additional claims of approximately $3bn. By way of comparison, total insured losses had soared to over $50bn worldwide in 2008.

Swiss Re noted that the lower figure for 2009 resulted from the calm US hurricane season, but added that Europe "suffered above average insured losses".

Above average losses during the first half of 2009; claims from natural catastrophes and man-made disasters during the first seven months of 2009 were nearly double the average over the last 20 years.

Between January and July, five events each triggered insured losses in excess of $1bn. The costliest event was winter storm Klaus, which struck France and Spain in January, and led to insured losses of $3.5bn. A July hailstorm that hit Switzerland and Austria cost insurers another $1.25bn. In the US, a winter storm and two tornadoes generated total insured losses of roughly $3.5bn.

Worldwide, approximately 12,000 people were killed by catastrophes in 2009, compared to 240,000 in 2008. The death toll in 2009 was among the lowest of the last 20 years. The region most affected was Asia, where a September earthquake in Indonesia claimed more than 1,000 lives. Another 2,000 people died when three typhoons struck the region between August and October.