Subscribe to our free daily newsletters
. Earth Science News .

Subscribe to our free daily newsletters

Cost of disasters tripled in 2010: Swiss Re

by Staff Writers
Zurich (AFP) March 29, 2011
The global cost of natural and man-made disasters more than tripled in 2010 to $218 billion (154 billion euros), reinsurer Swiss Re said Tuesday, with the human toll the highest for decades.

"2010 was not only characterised by severe earthquakes that ranked among the deadliest, costliest and most powerful in history, but also by a series of extreme weather events, such as major floods," said Thomas Hess, chief e economist of Swiss Re.

Such "severe catastrophes" claimed 304,000 lives last year the highest level since 1976, compared to 15,000 in 2009, the report added.

These disasters cost the global insurance industry over $43 billion in 2010, up more than 60 percent from the previous year.

Earthquake losses -- in particular those in Chile and New Zealand -- accounted for almost a third of all disaster losses in 2010, and high claims from seismic activity are expected to continue in 2011.

"Incidentally, earthquake losses for 2011 will also be above average as the total insured claims for the February 22 earthquake in Christchurch, New Zealand, are estimated to be between $6 billion and $12 billion," said the reinsurer.

"The massive Tohoku earthquake that struck Sendai, Japan on March 11 is also expected to trigger significant insured losses," it added.

Swiss Re estimated last week that Japan's earthquake and tsunami have cost the company some $1.2 billion, but warned that this figure could be revised upwards.

"Although no long-term trend of increasing global earthquake activity has emerged, the number of fatalities and insured losses from earthquakes are on the rise," said Balz Grollimumd, who co-authored Swiss Re's study on disasters.

"The main reasons are population growth, the higher number of people living in urban areas as well as rising wealth and rapidly increasing exposures. Many of these rapidly growing urban areas are located in seismically active areas," he noted.

More than 222,000 people were killed in Haiti's earthquake, the deadliest disaster in 2010.

The $218 billion worldwide economic losses from natural and man-made catastrophes last year compared to $68 billion incurred in 2009, Swiss Re said.

Share This Article With Planet Earth DiggDigg RedditReddit
YahooMyWebYahooMyWeb GoogleGoogle FacebookFacebook

Related Links
Bringing Order To A World Of Disasters
A world of storm and tempest
When the Earth Quakes

Memory Foam Mattress Review
Newsletters :: SpaceDaily :: SpaceWar :: TerraDaily :: Energy Daily
XML Feeds :: Space News :: Earth News :: War News :: Solar Energy News

Aid workers praise Myanmar quake response
Yangon (AFP) March 28, 2011
Aid workers praised Myanmar's regime on Monday for its speedy response to the recent earthquake that killed more than 70, in contrast to the aftermath of previous disasters to strike the country. The powerful 6.8 magnitude quake struck near the borders with Thailand and Laos late on Thursday leaving an official toll of 75 dead, including one woman in Thailand. "The government's response ... read more

Cost of disasters tripled in 2010: Swiss Re

Aid workers praise Myanmar quake response

Japan on 'maximum alert' over nuclear plant

Tsunami-triggered toilet paper crisis hits Tokyo

Nano-Bricks May Help Build Better Packaging To Keep Foods Fresher Longer

Smartphone market to grow 50 percent in 2011: IDC

Calm urged as radiation spreads across Asia

Lenovo launches 'LePad' tablet in China

Billion-plus people to lack water in 2050: study

ADB and OPEC Fund aid Sierra Leone water project

The Pacific Oyster Is In Sweden To Stay

Developing Strategies In A Desert Watershed That Sustain Regional Water Supplies

Antarctic Icebergs Play A Previously Unknown Role In Global Carbon Cycle, Climate

Study Sheds Light On How Heat Is Transported To Greenland Glaciers

Large-Scale Assessment Of Arctic Ocean Show Significant Increase In Freshwater Content

Study: 2011 arctic ice extent is down

Study Predicts Large Regional Changes In Farmland Area

Managing Grazing Lands With Fire Improves Profitability

Sweden responds to EU criticism of wolf hunt

China 'to pull dairy licences in safety drive'

Namibia declares state of emergency after flooding

Two Koreas in talks on potential volcano threat

Japan death toll tops 10,000: Kyodo

Reactor fear at Japan plant as toll tops 10,000

Sudan president heads to Qatar amid Darfur violence

Burkina Faso soldiers freed from prison after protests

Passions stirred, Gbagbo backers "ready to die" for I.Coast

African Union demands 'immediate' halt to Libya attacks

Research Proves No 2 Of Us Are Alike, Even Identical Twins

Researchers Detail How Neurons Decide How To Transmit Information

Rare gene defect affects both pain, smell

A New Evolutionary History Of Primates

The content herein, unless otherwise known to be public domain, are Copyright 1995-2010 - SpaceDaily. AFP and UPI Wire Stories are copyright Agence France-Presse and United Press International. ESA Portal Reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement,agreement or approval of any opinions, statements or information provided by SpaceDaily on any Web page published or hosted by SpaceDaily. Privacy Statement