February 9, 2010 by Canadian Underwriter
At $24 billion, insured losses in 2009 were the lowest they have been since 2006, in part due to relatively low losses for weather events and a quiet hurricane season, according to Guy Carpenter.
This is a large drop from $52.5 billion in 2008, the company reported in Catastrophe Update on GCCapitalIdeas.com.
“2009 has seen an impressive recovery from last year’s financial crisis and the uncertainty caused by losses from Hurricanes Gustav and Ike,” the update said. “This recovery has been driven by the easing of financial markets and low catastrophe activity.”
The largest source of loss in 2009 was weather-related events at $21 billion. Man-made disasters triggered insured losses of $3 billion, Guy Carpenter reports.
Five events incurred insured losses of more than $1 billion in 2009 – three weather-related events in the U.S. and a windstorm and summer hailstorms in Europe.