LLOYD's: EUR 107 billion paid for insured claims in 2011 for nat cat and man-made disasters

11 September 2012 — Oleg DORONCEANU
richard_ward1"Total global economic loss in 2011 reached nearly USD 435 billion - compared with USD 226 billion in 2010. Total insured losses for the global insurance industry from natural catastrophes and man-made disasters reached more than USD 107 billion in 2011", said Richard WARD, CEO, LLOYD's in Monte Carlo. He further explained that 2011 would have been the costliest ever year for the insurance industry if Japan had been fully insured. On the other hand, the only factor preventing 2011 to exceed the 2005 historic peak in insured claims was the relatively moderate hurricane season in the North America.

Recent data from the Association of Bermuda Insurers and Reinsurers (ABIR) showed that global reinsurers covered 96% of the reinsurance cost of the 2011 events in New Zealand earthquake, Australian and Thai floods and Japanese earthquake and Tsunami. This is a clear demonstration of how global capital flows can work to assist regions hit by disaster, spreading the financial impact of an event.

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