Report: Insured Catastrophe Losses Down 20%

Insurance losses for the first half of 2013 were 20% below the 10-year average (2003-12) of $25 billion, according to a mid-year natural disaster analysis report by Impact Forecasting, the catastrophe model development center at Aon Benfield.

U.S. recoded about 50% of insured losses from natural disasters. U.S. had severe weather in April, March, May and June, costing $1.0 billion, $1.25 billion, $2.5 billion, and $1.2 billion respectively; totaling 5.95 billion.

Globally, catastrophes accounted for $7 billion in insured losses, mostly due to flooding. Central Europe floods during May/June cost $5.3 billion, Australian floods during January cost $1.4 billion, and floods in Canada in June cost $1.0 billion.

Economic losses from global natural disasters are 15% lower then the 10-year average with around 24% covered by insurance, down from 28%.

[Check out the report to learn more. ]

Zarna Patel is a staff writer for InformationWeek's Financial Services brands, which include Bank Systems & Technology, Insurance & Technology and Wall Street & Technology. She received her B.A. in English and journalism from Rutgers University College of Arts and Sciences in ... View Full Bio