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Global natural catastrophes reach $38 billion in insured losses


December 16, 2010   by Canadian Underwriter


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Global natural catastrophes accounted for $38 billion of insured losses in 2010, according to Aon Benfield.
Three hundred and fourteen separate events in 2010 contributed to this loss total. This activity is far higher than in the previous three years, and nearly doubles the activity in 2009, the Annual Global Climate and Catastrophe Report reveals.
The February 2010 earthquake in Chile caused the highest insured loss, estimated at around $8.5 billion. Flooding in Pakistan causing the greatest single event economic loss at more than $30 billion.
The Top 10 insured losses of the year totaled $23 billion in insured damages, accounting for 61% of insured catastrophe losses in 2010. They included five severe weather events, one winter-based storm event, two earthquake events and two flood events.