• Nene's SAA nemesis

    No political figure seems to have the guts to speak out against Dudu Myeni, says Solly Moeng.

  • The mp3 revolution

    Ian Mann takes a look at the war between digital music and the compact disc.

  • Don't take us for fools

    It's time for businesses to stop thinking consumers are gullible, says Mandi Smallhorne.

All data is delayed
See More

Losses from disasters hit record in 2011

Dec 15 2011 12:03
Zurich - Natural disasters like March’s earthquake in Japan will cost the global economy a record $350bn this year, with losses for the insurance industry second only to 2005 when Hurricane Katrina hit New Orleans, Swiss Re said.

The Zurich-based reinsurer had already signalled 2011 would be a costly year for the insurance industry, which is also facing claims due to floods in Thailand and an earthquake in New Zealand.

Sectoral insured catastrophe losses for 2011 will amount to $108bn, it said on Thursday.

“If Japan had been as well insured as other countries with high seismic risk, such as New Zealand, the overall industry tally would have been much higher,” Swiss Re said, adding that additional claims from the flooding in Thailand or possible winter storms in Europe could push the tab still higher.

However, the natural catastrophe hit will still fall short of the $123bn picked up by the insurance industry in 2005.
tsunami  |  global economy  |  japan  |  insurance


Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
Comments have been closed for this article.

Company Snapshot

We're talking about:


Marketing is a big concern in SA's small business community, followed by a lack of confidence and partnering with the wrong people, according to a survey.

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

The 25 basis points interest rate increase is:

Previous results · Suggest a vote