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Insurers faced total claims from catastrophes of US$25 ($33.52) billion in 2007, Swiss Re said, making it a comparatively inexpensive year despite warnings that global warming is causing more natural disasters.
European winter storm Kyrill was the costliest event, the world's largest reinsurer said, causing insured losses of US$5.9 billion, followed by flooding in the UK.
"Although the insured losses, at US$25 billion, were US$9 billion higher than in the previous year, 2007 is below the long-term loss trend," the company said in a statement. The number included both man-made and natural catastrophes. Adding non-insured damage to the number, the overall financial damage from those events stood at US$61 billion.
More than 20,000 people were killed in 2007, with cyclone Sidr the deadliest event, killing more than 4000 in Bangladesh.
Insurers are hit hard when catastrophes hit developed economies, where the value of insured assets is high and more people have insurance cover, while disasters in emerging economies are less likely to impact their business.
Swiss Re has repeatedly warned that the number of natural catastrophes is rising as climate change increases the chance of droughts, hurricanes and flooding.
So far, 2005 was the costliest year on record for the insurance sector, with US hurricanes Katrina, Rita and Wilma alone causing insured losses around US$90 billion.
- Reuters
