Earthquakes may make 2011 second-costliest year, Swiss Re says

September 11, 2011 ZURICH – Record earthquake losses following the temblors in Japan and New Zealand may make 2011 the second- costliest year in history for insured catastrophe losses, according to Swiss Re Ltd. Total insured losses from natural catastrophes and man-made disasters reached about $70 billion in the first half of this year, more than double the losses in the same period in 2010, according to estimates by the Zurich-based reinsurer. The figure was only surpassed in 2005 after hurricanes Katrina, Wilma and Rita caused claims of more than $90 billion, the world’s second-biggest reinsurer said. Catastrophe claims usually increase in the second half of the year with the hurricane season in the North Atlantic and typhoons in the northwest Pacific. “Additional claims from the ongoing U.S. hurricane season or expensive winter storms in Europe have the potential to bring figures for the full year even closer to the record claims” of 2005, Thomas Hess, Swiss Re’s chief economist, said in an e- mailed statement. Hurricane Irene, which made landfall Aug. 27 as a Category 1 hurricane in North Carolina before striking New York the next day as a tropical storm, may result in insured damages of up to $6.6 billion, Aon Benfield, the world’s biggest reinsurance broker, said yesterday. –Bloomberg
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20 Responses to Earthquakes may make 2011 second-costliest year, Swiss Re says

  1. RainMan says:

    Why don’t I feel much for insurance companies?


  2. K.J. says:

    Hmmmmm…….. tempting fate aren’t they? It ain’t over yet. Four months left for earthquakes, volcanic eruptions and hurricanes. It could very easily be the worst year ever by the time we get to the rum and egg nog season.


  3. Shawnta says:

    Well, I feel bad for people relying on insurance companies…when something happens and it becomes too much for the insurance companies to cover, the people relying on them are the ones who will be in trouble. 😦


  4. Kelly says:

    4.6 Earthquake in Timor region Indonesia and a 4.8 in another part of Indonesia


  5. Warren says:

    More wildfires erupt in Texas as it faces worst dry spell since 1895

    (CNN) — In a dry spell unseen since 1895, Texas added 24 new wildfires burning 1,154 acres to a disaster that has so far torched more than 1,000 homes, the state’s Forest Service said Saturday.

    In all, Texas has experienced 179 fires over 170,686 acres the past week, the service said. The past 10 months have been the driest in Texas since 1895, Texas Lt. Gov. David Dewhurst said.

    The destruction toll prompted President Barack Obama on Friday night to declare that a major disaster exists in Texas.

    Firefighters reported gains, however, in battling the most damaging of the disasters Saturday: containment of the 34,068-acre Bastrop County Complex fire near Austin was improved to 50% from 30%, officials said.

    Read More At:


  6. Warren says:

    Firefighters make gains on Goldendale blaze

    GOLDENDALE — Nearly 650 firefighters gained the upper hand Saturday on a roughly 4,200-acre blaze in the tinder-dry forests near Washington state’s Satus Pass, allowing authorities to lift evacuation orders for many of the roughly 200 threatened homes.

    The fire burning 20 miles north of the Columbia River and about 10 miles north of the city of Goldendale was 30 percent contained. The fire has burned through more than 6 square miles, fire incident spokesman Dale Warriner said.

    The blaze has burned 64 buildings. Fire officials have confirmed that nine of those structures are homes, but that number is expected to rise upon further investigation.

    Authorities could not give an estimate as to how many people were allowed to return home Saturday night, but said orders were lifted for three-fourths of a 29-square-mile area that initially had been evacuated.

    The fire started Wednesday along Highway 97 near a Greek Orthodox monastery. From there, it burned southeast of the highway through steep forested canyons and flat areas with dry grasses and thick stands of Ponderosa pines.

    The fire was believed to be human-caused.

    Washington is experiencing a fairly late wildfire season after a winter of heavy snow and a cool spring, but the hot, dry conditions of summer have continued well into September.

    “The good news is that the winds are light, and firefighters are able to focus on putting the fire out rather than keep it from spreading,” fire spokesman Chuck Turley said.

    Concerns about wind were expected to pick up again Sunday afternoon when a front is expected to blow through, Turley said.


  7. Juan says:

    “All Earthquakes and Disasters are warnings; there’s too much corruption in the world”


  8. saxxonblack says:

    you heard it here first 28th of September 2011…… CRASH


  9. luisport says:

    BreakingNews Breaking News
    Japan earthquake, 6 months later: 15,781 confirmed dead; 4,086 missing; 83,000 out of homes
    há 4 horas


    • Kelly says:

      Terrible just terrible. I watched it happen live in horror and those poor souls so many died and so many now left homeless. It is staggering and so overwhelming and depressing. They are always in my heart. I think of them and pray for them always.


  10. Ynot says:

    Agreed RainMan should read “with-in” or “without” insurance companies for the people (who?).
    On average in NZ people “lose” out as they cash in old valuations for new properties only to be refused insurance because they now live in a “high risk” area. Problem is the Earth now seems to be a high fisk area so thanks for all the money but no more insurance……. ‘strangely the property developers are all buying up quake destroyed areas in inner city Christchurch thus forming a market stampede for any remaining local properties making an artificial property growth market in a otherwise cash stricken society. Theres a very high probability that a lot of the property developers are insurance company directors and associates, creating the perfect diaster wheel.

    Changes your feelings about money and ownership.


  11. Dennis E. says:

    I believe that we are coming to a situation in regard to EQ damage assessments by insurance companies worldwide:
    1) cost too much, funds run dry, unable to compensate.
    2) Goverment ordered of relocation of population
    3) EQ damage area returned/allowed to whither/return to widerness
    Just a thought


  12. Gerald says:

    NEWS – 4.4 quake in West Texas. More activity along that previously dormant and forgotten plate that runs from New England through the south and southwest all the way to California. In the past month, there has been quake after quake in this area! New York, Virginia, Alabama, Texas, New Mexico, Colorado, Arizona, Baja California, and on and on!

    Any thoughts about this?


  13. luisport says:

    An evacuation plan in preparation for the IS volcano Tambora. Seems Lokon still restless


  14. luisport says:

    BreakingNews Breaking News
    Texas fire destroys 1,554 homes, 17 people missing – AP
    há 8 minutos


  15. jsOhio says:

    I’ve heard a lot about the increase in earthquake activity over the last decade or more. What about volcanoes? It seems every time I come to this website, there is a new volcano. Is this just my imagination or do statistics show increasing volcanic activity?


  16. sophia carlson says:

    I remember reading an article i5 years ago that said in 2012 insurance would become unafforadable…hmmm looks like they were right. Bring it on!!!!


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