Insurers hit in 2011

2011-12-13 20:07
London - Insurers look set to absorb natural catastrophe claims of over $100bn in 2011, more than double the total for 2010, making it the second most costly natural disaster year on record, reinsurer Swiss Re said.

This year's natural catastrophe hit will still fall short of the $123bn picked up by the insurance industry in 2005, when Hurricane Katrina devastated the city of New Orleans, Martin Bisping, Swiss Re's head of non-life risk transformation, told reporters at a briefing in London.

Swiss Re, the world's second-biggest reinsurer, is due to publish detailed natural catastrophe loss estimates for 2011 on Thursday, a spokesperson for the company said.

This year's surge in catastrophe claims reflects a spate of major natural disasters including the March 11 Japanese earthquake and tsunami, tornadoes in the US, and heavy flooding in Australia and Thailand.

The increase in claims has mopped up some of the insurance industry's spare capital, relieving competitive pressure and supporting insurance and reinsurance prices after several years of declines, insurers and brokers have said.
Read more on:    economy

Join the conversation! encourages commentary submitted via MyNews24. Contributions of 200 words or more will be considered for publication.

We reserve editorial discretion to decide what will be published.
Read our comments policy for guidelines on contributions.
NEXT ON NEWS24X publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
Comments have been closed for this article.

Inside News24


Book flights

Compare, Book, Fly

Traffic Alerts
There are new stories on the homepage. Click here to see them.


Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.

Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire network.


Location Settings

News24 allows you to edit the display of certain components based on a location. If you wish to personalise the page based on your preferences, please select a location for each component and click "Submit" in order for the changes to take affect.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.