Insurers pay half of second worst year ever says Munich Re

Weather-related disasters have caused damages of more than $100bn (£65bn) worldwide in 2008, according to preliminary estimates by reinsurer Munich Re, reports Handelsblatt.

About half is insured, Peter Hoeppe, head of the Munich Re’s Geo Risks Research Department, tells Handelsblatt.

This figures could rise if December storms cause major damages, Hoeppe says.

Including earthquakes, economic damages have reached $200bn this year, the researchers estimate, making 2008 the second most expensive in economic terms, after 2005.