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    Insurances » 2012 » April » 13 » Natural disasters in 2011 cost the insurance market $ 110 billion.

    Natural disasters in 2011 cost the insurance market $ 110 billion.
     Natural disasters in 2011 cost the insurance market $ 110 billion. online
     Natural disasters in 2011 cost the insurance market $ 110 billion. online
     Natural disasters in 2011 cost the insurance market $ 110 billion. online
    Natural disasters in 2011 cost insurers $ 110 billion, while total economic losses amounted to a record of $ 370 billion, estimated in the reinsurance company Swiss Re. Rampant of disaster struck at Lloyd's as well, has received a 2011 loss of 516 million pounds for its 324-year history.

    "In 2011 we were faced with extraordinary and devastating natural disasters. Earthquakes in Japan, New Zealand and Turkey, as well as floods in Thailand and Australia turned not only to massive destruction, but also claimed thousands of lives," - said Swiss Re chief economist Kurt Carl. Payments to insurers in the past year totaled $ 110 billion, slightly not achieved to a record $ 123 billion in 2005. However, the overall economic impact of last year was a record - $ 370 billion. Due to an insufficient level of protection through insurance around the world two-thirds of the damage will be borne by corporations, governments, various organizations and individuals.

    The most costly disaster last year was the March earthquake in Japan - the economic impact of $ 210 billion. Insurance company paid compensation of $ 35 billion, thus it has become the most expensive earthquake in history for the industry. "Since Japan's earthquake insurance coverage is very low, especially it is about commercial real estate, industry will cover only 17% of all losses. If the security level was higher, then 2011 would be exactly the most costly for insurers," - said co-author of research Lucia Beaver. Totally insurance companies paid $ 49 billion because of the earthquakes in the last year.

    Another costly item for the industry was flood. Thus, the disaster in Thailand cost insurers $ 12 billion, which was the largest compensation for the spill of rivers. Tornado season in the U.S. forced insurers to part with $ 25 billion.

    The British insurance group Lloyd's was seriously damaged from the onslaught of the elements, which yesterday reported about the first loss since 2005. It was $ 824 million, while a year earlier earnings achieved to $ 3.5 billion. This loss, which reflects the combined financial performance of 80 competing insurance syndicates that are in the Lloyd's, has become the second largest after the loss of nearly $ 5 billion in 2001 because of the events of September 11.

    Nevertheless, experts believe that the insurance industry has no serious reason to worry. Natural disasters - Bread for the insurers, as the more payments are, the greater the amount of insurance is. Company increased tariffs on so-called fire insurance for this year, which includes protection of the main types of damage to property, including natural disasters. So the insurers in the coming years will cover the damage: it was already after the September 11 tragedy and a series of air crashes, when prices soared on air insurance and amounts of the insurance increased in sector, experts say.

    British insurers, including Amlin and Catlin Group, have announced that they intend to raise tariffs for 4-17%.
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