Old Rocks
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Sigma - preliminary estimates for H1 2013 | Swiss Re - Leading Global Reinsurer
Flooding a main driver of natural catastrophe losses in H1 2013
In H1 2013, flooding was a main driver of natural catastrophe-related losses, causing an estimated USD 8 billion in insurance claims globally. As a result, 2013 is already the second most expensive calendar year in terms of insured flood losses on sigma records. In 2011, the Thailand event alone brought record flood losses of more than USD 16 billion.
In June, heavy rains in central and eastern Europe caused massive floods that resulted in economic losses of close to USD 18 billion and claimed 22 lives. The estimated USD 4 billion cost for the insurance industry will make this the second most expensive fresh water flood event on sigma records. This year's flooding in Europe has also been more expensive than the 2002 floods in the same region which cost the industry over USD 2 billion (USD 3 billion at current prices).
Rains and subsequent flooding also hit Alberta, Canada, in June, generating insured losses estimated at USD 2 billion, the highest insured loss ever recorded in the country.
In January, Cyclone Oswald brought flood damage yet again in Australia, amounting to USD 1 billion in insured losses. Furthermore, India, Southern Africa, Indonesia and Argentina likewise experienced heavy rains in H1, which caused large-scale flooding and the loss of many lives. In India, 1150 died as a result of flooding in June and many more are still missing. This flood caused the most loss of life as a single event in the first half of 2013.
Flooding a main driver of natural catastrophe losses in H1 2013
In H1 2013, flooding was a main driver of natural catastrophe-related losses, causing an estimated USD 8 billion in insurance claims globally. As a result, 2013 is already the second most expensive calendar year in terms of insured flood losses on sigma records. In 2011, the Thailand event alone brought record flood losses of more than USD 16 billion.
In June, heavy rains in central and eastern Europe caused massive floods that resulted in economic losses of close to USD 18 billion and claimed 22 lives. The estimated USD 4 billion cost for the insurance industry will make this the second most expensive fresh water flood event on sigma records. This year's flooding in Europe has also been more expensive than the 2002 floods in the same region which cost the industry over USD 2 billion (USD 3 billion at current prices).
Rains and subsequent flooding also hit Alberta, Canada, in June, generating insured losses estimated at USD 2 billion, the highest insured loss ever recorded in the country.
In January, Cyclone Oswald brought flood damage yet again in Australia, amounting to USD 1 billion in insured losses. Furthermore, India, Southern Africa, Indonesia and Argentina likewise experienced heavy rains in H1, which caused large-scale flooding and the loss of many lives. In India, 1150 died as a result of flooding in June and many more are still missing. This flood caused the most loss of life as a single event in the first half of 2013.