Global natural catastrophes cause $18 billion in insured damage in 2010

Munich Re recorded a total of 725 weather-related natural hazard events between January and September 2010, causing insured losses worth $18 billion.
This is “the second-highest figure recorded for the first nine months of the year since 1980,” Munich Re observed in a press release.
And it could have been worse, the reinsurer observed. “Despite producing 13 named storms, the hurricane season has been relatively benign to date, the hurricanes having pursued favourable courses.”
Globally, there has been a more than three-fold increase in loss-related floods since 1980, Munich Re says. “Also, there has been double the number of windstorm natural catastrophes, with particularly heavy losses as a result of Atlantic hurricanes.”
The reinsurer attributes the increase in natural catastrophe losses primarily to socio-economic factors.
“In many countries, populations are rising, and more and more people moving into exposed areas,” Munich Re says. “At the same time, greater prosperity is leading to higher property values.”
Still, the reinsurer adds, “it would seem the only plausible explanation for the rise in weather-related catastrophes is climate change.
“The view that weather extremes are more frequent and intense due to global warming coincides with the current state of scientific knowledge as set out in the Fourth IPCC Assessment Report.”