Tags: EU | Cost | of | Disasters

World's Disasters Cost Estimated $218B in 2010

Tuesday, 29 Mar 2011 08:44 AM

 

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GENEVA — Insurance company Swiss Reinsurance Co. says the economic cost of natural and man-made disasters jumped threefold to $218 billion in 2010 from $68 billion the previous year.

Swiss Re says the number of deaths also rose sharply to 304,000 from 15,000 in 2009.

Haiti's earthquake alone claimed 222,000 lives. Almost 56,000 people were killed by Russia's summer heatwave and over 6,200 people died from floods in China and Pakistan.

The Zurich-based company says insurers bore $43 billion of the cost of disasters last year, a 60 percent year-on-year increase.

Swiss Re says the earthquakes in Chile and New Zealand had insured losses of over $12 billion.

In a report Tuesday it predicted losses from recent quakes in New Zealand and Japan will make 2011 another costly year for insurers.

THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP's earlier story is below.

GENEVA (AP) — Insurance company Swiss Reinsurance Co. says the economic cost of natural and man-made disasters jumped threefold to $218 billion in 2010 from $68 billion the previous year.

Swiss Re says the number of deaths also rose sharply to 304,000 from 15,000 in 2009.

Haiti's earthquake alone claimed 222,000 lives. Almost 56,000 people were killed by Russia's summer heatwave and over 6,2000 people died from floods in China and Pakistan.

The Zurich-based company says insurers bore $43 billion of the cost of disasters last year, a 60 percent year-on-year increase.

Swiss Re says the earthquakes in Chile and New Zealand had insured losses of over $12 billion.

In a report Tuesday it predicted losses from recent quakes in New Zealand and Japan will make 2011 another costly year for insurers.

© Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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