Connect with us

Business

2011 Year of highest ever catastrophe-related losses

2011 will be the year with the highest catastrophe-related economic losses in history, at USD 350 billion2011 would have been the costliest year ever for the insurance industry if Japan had been more fully insured.

Boris Sullivan

Published

on

2011 will be the year with the highest catastrophe-related economic losses in history, at USD 350 billion2011 would have been the costliest year ever for the insurance industry if Japan had been more fully insured.

Loading...

According to preliminary estimates from Swiss Re’s sigma team, total insured losses for the global insurance industry from natural catastrophes and man-made disasters reached USD 108 billion in 2011.

This is more than double the figure of USD 48 billion in 2010. Claims from natural catastrophes alone reached USD 103 billion in 2011, compared to only USD 43 billion last year.

Year of highest ever economic losses

In 2011, total economic losses to society both insured and uninsured due to disasters reached an estimated USD 350 billion, compared to USD 226 billion in 2010.

Thailand flooding is in third position for the costliest catastrophe in 2011 for insurance industry

The earthquake in Japan accounts for most of this year’s economic losses. More than 30 000 people lost their lives due to catastrophes in the first eleven months of the year, most of them in Japan.

Kurt Karl, Swiss Re’s Chief Economist, says: “2011 is going down as another year of very tragic and costly earthquakes. Unfortunately earthquake insurance coverage is still quite low, even in some industrialised countries with high seismic risk, like Japan.

So on top of people losing their loved ones, societies are faced with enormous financial losses that have to be borne by either corporations, relief organisations or governments and, ultimately, taxpayers.”

Record insured losses, had Japan been more fully insured

With approximately USD 108 billion in insured catastrophe losses, 2011 ranks as nearly the most expensive year for the insurance industry according to sigma records, second only to 2005 USD 123 billion.

Moderate hurricane losses have kept costs lower than in 2005, the year when hurricanes Katrina, Wilma and Rita alone caused claims of over USD 100 billion.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. Even so, in terms of catastrophe claims, 2011 ranks as the second costliest year in history for the insurance industry.

Additional claims from the ongoing massive floods in Thailand or from winter storms which may yet hit Europe have the potential to bring figures for the full year even closer to the record claims of USD 123 billion experienced in 2005. In addition to the earthquakes in Japan and New Zealand, severe flooding in Thailand and Australia triggered above USD 10 billion in insurance claims. Two massive tornado events in the United States caused nearly USD 14 billion in claims and the loss of more than 400 lives. Hurricane Irene cost the industry nearly USD 5 billion in property damage.

via Sigma – preliminary estimates for 2011 | Swiss Re – Leading Global Reinsurer.

Business

Thailand Approves Latest Economic Relief Package for Businesses

Some 250 billion baht (US$8 billion) was allocated for soft loans while the remaining 100 billion baht (US$3.2 billion) will go towards an ‘asset warehousing’ program whereby debtors can use their assets as loan collateral but will have the right to redeem their assets under a specific time frame.

Avatar

Published

on

On March 23, 2021, Thailand’s government approved its latest economic relief package, valued at 350 billion baht (US$11.2 billion), to support businesses in the country.

Loading...
(more…)

Continue Reading

Business

Thailand BOI approves Biotech Projects Worth 2.4 Bln Baht ($78 million)

The biotechnology sector is part of the so-called BCG model (Bio, Circular and Green economy) which the Thai government has set as a priority to lead the post-Covid 19 recovery.

Avatar

Published

on

By

The Thailand Board of Investment (BOI) said today it has recently approved new projects in the field of advanced biotechnology, worth a combined 2.4 billion baht (around USD78 million) in investment, reflecting the increased interest of local and foreign investors in the country’s biotech sector.

Loading...
(more…)

Continue Reading

Business

Asia-Pacific sees 3.9% growth in deal activity in February 2021

Boris Sullivan

Published

on

Chair’s Statement on the Informal ASEAN Ministerial Meeting (IAMM)

The Asia-Pacific (APAC) region saw a 3.9% month-on-month growth in deal activity (mergers & acquisitions, private equity and venture financing deals) from 1,126 deals to 1,170 deals in February 2021, according to GlobalData, a leading data and analytics company.

Loading...
(more…)

Continue Reading

Most Viewed

Subscribe via Email

Enter your email address to subscribe and receive notifications of new posts by email.

Join 14,066 other subscribers

Latest

Trending