July 24, 2013 by Canadian Underwriter
Insured losses for the first half of the year reached $20 billion, down from $25 billion in the same period of 2012, Impact Forecasting said Wednesday.
That’s also down about 20% from the 10-year average of $25 billion, according to the catastrophe model development arm of Aon Benfield. All figures are in U.S. currency.
Total economic losses, were about $85 billion, up from $75 billion last year, but about 15% lower than the $100 billion average for between 2003 and 2012.
About half of the insured losses up to June 30 were from natural disaster events in the United States, Impact said.
About a quarter (24%) of the economic losses during the first six months of the year were covered by insurance, down slightly from the 10-year average of 28% coverage, “due to multiple significant catastrophe events occurring in areas where insurance penetration or specific peril coverage remained low,” it also noted.
The largest events in terms of economic losses included:
Meanwhile, the first half of 2013 included seven billion-dollar insured loss events: