Disasters cost $140b in 2012: Report
Natural and man-made disasters around the world this year, including Superstorm Sandy, will cost at least $140 billion (106 billion euros), according to a study published by Swiss insurance group Swiss Re yesterday.
The insurance industry will cover about $65 billion of all losses from such catastrophes, the study showed, ticking in above the average for the past 10 years.
It nevertheless marked a significant drop from 2011, when massive earthquakes and flooding forced insurers to dish out more than $120 billion to cover disaster-related losses.
Natural catastrophes alone this year will lead to more than 11,000 deaths and $60 billion in insured claims, Swiss Re said in a statement.
But after two years when natural disasters such as the devastating Haiti earthquake and Pakistan floods were largely concentrated in Asia Pacific and South America, "2012 is dominated by large, weather-related losses in the US," it added.