Swiss Re, a reinsurance provider based in Zurich, has released its initial estimate for CAT (catastrophe) losses in 2009. With the hurricane season now in the rear view mirror, it has stated an estimate of 52% lower losses than 2008.
According to the estimate, total insured losses worldwide for 2009 will be around $24 billion. Of this, $21 billion is due to natural catastrophes.
As a comparison, total insured losses worldwide in 2008 came out to $50 billion.
The total number of catastrophes in 2009, both natural and man-made, has been nearly double the average number of catastrophes per year when measured out over the past twenty years. In Europe, insured losses this year have been above average. However, the tranquility of hurricane season here has led to the total losses being sharply lower.
DISCLOSURE: CSE has no professional affiliation with Swiss Re.
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