TUESDAY, JANUARY 4, 2011
by: Larry Freudenberg
2010 was a banner year for catastrophe's around the world. According to behemoth reinsurer, Munich Re, 2010 was the worst year for catastrophe losses since 1980. "...a total of 950 natural catastrophes were recorded last year." Munich Re estimates total insured losses to be about $37 billion. The good news for us on the east coast of the United States is that we were spared this hurricane season. No major hurricane hit the United States in 2010 even though there were 12 Atlantic hurricanes.
Earthquakes dominated the catastrophe list in 2010. Starting with the 6.5 quake in California and 7.0 quake in Haiti. According to National Underwriter, the insured claims from Haiti were insignificant. These followed with quakes in Chile (8.8); Taiwan, Turkey, and New Zealand. 2010 also saw it share of flooding and storms. A winter storm in Europe, Xynthia caused $4 billion in insured losses according to National Underwriter.