Summary: 2011 has been the most expensive year in recorded history both for the national economies and the insurance sector, with an estimated direct economic cost of US$380bn and original insured losses of approximately US$105bn.
It also showed an increasing severity arising from natural catastrophes, with a series of extreme events including the 11 March Japanese earthquake, the Australian and Thai floods, the New Zealand earthquakes, and the U,S, tornadoes.
These extreme events entail huge consequence in terms of human and economic losses but they also have important repercussions for the insurance industry.
This report presents the insurance’s role in managing extreme events and the mechanisms that make these insurable, both by the public and private sectors. In this context, it provides a detailed picture of the main extreme events that occurred in 2011 and analyse their impact on local insurance markets and well as the lessons learnt to efficiently manage these risks.
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Filed under: Climate Change, Insurance, Natural Hazards, Risk management
