Guy Carpenter report finds total one-third lower than 10-year average
Natural catastrophes and man-made disasters in 2013 resulted in insured losses of approximately $40bn (£24bn), according to Guy Carpenter’s 2013 Catastrophe Review.
The figure is considerably less than the 10-year average of $60bn (£36bn) and less than the above-average losses of 2011 and 2012.
“Last year will likely be known as the ‘year of the flood,’ with significant global flood events affecting Central Europe, Australia, Canada and the US,” said Guy Carpenter vice-president Julian Alovisi. “Although 2013 was relatively quiet compared with past years, several major events such as the tornado outbreaks in the US, floods, hail and windstorms in Europe and Typhoon Haiyan in the Philippines inflicted widespread devastation and significant losses on impact.”
The risk and reinsurance arm of Marsh & McLennan Companies estimated that insurance losses from flooding in central Europe were $4.1bn and that insured losses from windstorms Christian and Xaver totalled approximately $1.4bn and $925m respectively.
“In 2014, soil saturation will be a major concern for many areas of Europe, further amplifying the risk of flood during normally wet months,” it warned.