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'Prepare for more disasters'
27/12/2007 19:26 - (SA)
Frankfurt - Natural catastrophes in 2007 were more frequent and costlier than a year earlier and climate change will make them more expensive still, the world's second-biggest re-insurer, Munich Re, said on Thursday.
There were 950 natural catastrophes in 2007 compared with 850 in 2006, the highest number since the group started compiling its closely watched annual report in 1974.
The total cost of disasters in 2007 was $75bn, while the bill for 2006 was $50bn.
The 2007 figure was however far below the record figure of $220bn in 2005 when Hurricane Katrina and an earthquake in Pakistan caused devastation.
The most damaging event of 2007 was an earthquake in Japan in July which caused $12.5bn of damage, while insurers took the biggest hit from the Kyrill storm which ripped through Europe in January, costing $5.8bn.
Catastrophes in developing and emerging countries caused most of the 20 000 deaths in 2007, with 3 300 people losing their lives in Cyclone Sidr alone, which struck Bangladesh in November.
Floods in Britain were the second costliest event to insurers and Munich Re said the high incidence of floods and storms in 2007 was a sign of things to come if global warming continued unchecked.
"These events cannot, of course, be attributed solely to climate change, but they are in line with the pattern that we can expect in the long term: severe storms, more heavy rainfall and a greater tendency towards flooding," said Peter Hoeppe, head of the company's Re's Geo Risks Research Department.
- SAPA
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