Interesting articles about insurance

World Insurance statistics regarding Earthquakes and Tsunamis 

<img src="tsunami warning sign.jpg" alt="Tsunami warning sign" width="96" height="72">

Tsunami Warning

The largest insured earthquake loss in 2012 resulted from a magnitude 5.9 earthquake and a powerful magnitude 5.7 aftershock, that hit northern Italy in May, costing $1.6 billion in insured losses and $16.6 billion in economic losses, according to Swiss Re.

There were a total of 14 catastrophic earthquakes in 2012, none of them in the United States. Insured losses from earthquakes and tsunamis were about $2 billion in 2012, far below 2011’s record $54 billion, according to Swiss Re.

The second largest earthquake in 2012, in terms of insured damages, was a March 2012 quake in Mexico that caused $160 million in insured damages.

<img src="two cars earthquake damage.jpg" alt="Two cars earthquake damage" width="138" height="92">

Damage caused by an earthquake

Just over a year earlier, on March 11, 2011 a devastating tsunami hit the coast of northeast Japan, triggered by a powerful earthquake approximately 80 miles offshore. The quake and tsunami caused $35.7 billion in insured damages, according to Swiss Re.

<img src="tsunami damage.jpg" alt="Tsunami damage" width="130" height="97">

Damage caused by a Tsunami

Also, early in 2011, a powerful earthquake struck Christchurch, New Zealand, resulting in $15.3 billion in insured damages. The Japan and New Zealand quakes are among the 10 costliest natural disasters, based on insured damages, according to Munich Re.

 

 

WORLD INSURED CATASTROPHE LOSSES, 2003-2012 

(2012 $ millions)

Year

Weather-related natural catastrophes

Earthquake/ tsunami

Man-made disasters

Total

2003

$21,718

$543

$4,081

$25,800

2004

51,181

3,229

4,211

57,416

2005

118,919

275

6,459

123,069

2006

14,079

92

5,809

19,569

2007

25,391

539

6,436

31,104

2008

44,512

450

8,949

52,416

2009

23,230

652

4,505

27,803

2010

30,134

14,200

4,915

47,749

2011

66,547

53,733

6,090

126,371

2012

69,452

1,827

5,960

77,238

In order to maintain comparability of the data over the course of time, the minimum threshold for losses was adjusted annually to compensate for inflation in the United Sates.
Source: Swiss Re, sigma, No. 2/2013.

Ref.: www.iii.org/facts_statistics/earthquakes-and-tsunamis.html

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