Total insured losses more than doubled in 2011 from the previous year and were second only to those recorded in 2005, according to a new series released on Thursday by Guy Carpenter & Company, LLC, the leading global risk and reinsurance specialist and a member of Marsh & McLennan Companies. The reinsurance industry paid out more than USD100 billion to cover insured losses around the world in 2011.
At least 12 natural catastrophes during the past year caused more than USD1 billion each in insured losses, the report found. Most of the loss activity in 2011 occurred outside of the United States, with the Asia Pacific region accounting for over two-thirds of total insured losses.
For a detailed review of the major loss-incurring events of 2011 and an outlook for 2012, please download 2011 Catastrophe Update: Historic Global Losses at www.GCCapitalIdeas.com.
David Flandro, Global Head of Business Intelligence, Guy Carpenter & Company, stated: “The historical losses of 2011 revealed the spread of catastrophe exposures around the world – including in areas which have not historically been considered peak zones. Most large insured losses in 2011 happened outside of the United States, reinforcing the theme of the internationalization of losses and the importance of understanding exposures. Predictions that the La Niña event is likely to persist into 2012 and could again influence worldwide natural hazards next year add to the uncertainty.”