Insured losses from natural catastrophes reached approximately $16bn during 2003, up 39% from $11.5bn in 2002, said Munich Re in its natural catastrophes annual review.
It said the 700 natural hazard events throughout the year claimed more then 75,000 lives.
Five major events occurred during 2003, said Munich Re. They were: tornadoes and severe weather conditions in the US in May; the Algerian earthquake in May; the severe heat wave and forest fires in Europe during the summer months; heat waves, drought and forest fires in the US in October and November; and the earthquake in Iran in December.
Munich Re said the major natural catastrophes accounted for almost a third of both economic and insured losses.
The report, “Topics geo Annual Review: Natural Catastrophes 2003”, is available at munichre.com.
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