The Strategist

Ten most devastating natural disasters with maximum insurance damage


10/19/2016 - 17:54



Insurance payments for damage from Hurricane Matthew in the United States may range from $ 2.2 billion to $ 6.8 billion, in the Caribbean - from $ 600 million to $ 2 billion, according to AIR Worldwide report. This is much less than the worst-case scenario, considered a week ago, when the estimations were at $ 25-30 billion (Reuters). If the worst predictions came true, losses from Hurricane Matthew would have entered the top three most disastrous nature catastrophes.



Ten most devastating natural disasters with maximum insurance damage
Representatives of Munich Re, Swiss Re and Hannover Re told Bloomberg, that it is too early to assess insurance payments for damage from Hurricane Matthew.

Kinetic Analysis, initially measured potential payments to insurers at $ 25 billion, later lowered the estimations to $ 4 billion, according to Reuters. "Judging by current trajectory of the storm and its power, catastrophic impact of the hurricane will be less than anticipated even a day ago, so we are starting to buy shares of companies that insure property and accident insurance, which were heavily sold before," - said JPMorgan analysts to customers.

Insurance company Munich Re has compiled a list of natural disasters that have caused the most massive financial losses and the largest insurance losses over the past 35 years.

10. Drought in the United States, occurred in 2012, closes the top ten. Total financial losses estimated at $ 25 billion, amount of insurance damage - $ 12 billion.

9. Hurricane Wilma hit the US state of Florida, the Caribbean coast of Mexico, Jamaica, Cuba, the Bahamas and Haiti in October 2005. The hurricane killed 44 people, and brought total financial losses estimated at $ 22 billion, amount of insurance damage - $ 12 billion.

8. An earthquake, which occurred on the Pacific coast of the United States in 1994, claimed lives of 61 people. Financial losses - $ 44 billion, amount of insurance damage - $ 15.3 billion.

7. Flooding in Thailand in 2011 caused of death of 813 people. Financial losses - $ 43 billion, amount of insurance damage - $ 16 billion.

6. An earthquake in New Zealand in 2011 claimed lives of 185 people. Financial losses - $ 24 billion, amount of insurance damage - $ 16.5 billion.

5. Hurricane Andrew raged in Florida, Los Angeles and the Bahamas in 1992, resulted in 62 casualties. Financial losses - $ 26.5 billion, amount of insurance damage - $ 17 billion.

4. In 2008, Hurricane Ike resulted in enormous destruction in the United States, Cuba, Haiti, the Dominican Republic and the Bahamas. 170 people perished then. Financial losses - $ 38 billion, amount of insurance damage - $ 18.5 billion.

3. Hurricane Sandy killed 210 people. The storm raged in October 2012 in the Bahamas, Cuba, Dominican Republic, Haiti, Jamaica, Puerto Rico, the US and Canada. Financial losses - $ 68.5 billion, amount of insurance damage - $ 29.5 billion.

2. An earthquake and tsunami, devastated the northeast coast of Japan and caused the accident at the nuclear power plant in Fukushima in 2011, claimed lives of 15,880 people. Financial losses - $ 210 billion, amount of insurance damage - $ 40 billion.

1. Hurricane Katrina struck the United States in 2005, virtually wiped out New Orleans and killed 1,720 people. Financial losses are estimated at $ 125 billion, amount of insurance damage - $ 60.5 billion.

source: reuters.com, munichre.com




More
< >

Tuesday, August 22nd 2017 - 14:53 Dieselgate united German CDU and Greens

Tuesday, August 22nd 2017 - 14:31 UK urges EU to keep free access for goods and services