Hurricane Sandy and drought in the U.S. spiked global economic losses from disasters in the second half of 2012 and will bring losses for the year to $140 billion, Swiss Re Group economists estimated.
Insured losses from natural catastrophes and man-made disasters in 2012 are expected to reach roughly $65 billion worldwide, about $60 billion of which resulted from Hurricane Sandy.
Swiss Re analysts called the year”™s loss tally “moderate” when compared with 2011, when earthquakes and flooding resulted in more than $120 billion in insured losses worldwide. The 2012 estimate, though, is above the 10-year average.
Economist at the global insurance and reinsurance company headquartered in Switzerland said the top five insured loss events of 2012 were in the U.S., led by Hurricane Sandy, estimated to have caused $20 billion to $25 billion in insured property and business interruption losses.
Summer drought across about half of the country is expected to account for about $11 billion in insured agricultural losses, including payouts from federal assistance programs. Three severe storms and tornadoes in March, April and July inflicted damage that totaled an estimated $6.8 billion in insured losses.
Natural disasters claimed 11,000 lives worldwide in 2012, Swiss Re reported.
Swiss Re”™s North American headquarters are in Armonk.
