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Swiss Re estimates $65 billion in insured lossesPosted On Thu, December 20, 2012
Insurance provider Swiss Re recently released a report stating that insured losses in 2012 totalled close to $65 billion, while economic losses as a whole were approximately $140 billion.
Although the losses are significant, Swiss Re also noted that compared to the historic insured losses of over $120 billion in 2011, this year was only moderately expensive. However, the losses could still be enough to affect homeowners insurance rates in the future.
The insurer stated that, altogether, natural catastrophes led to approximately 11,000 deaths over the course of 2012. Additionally, the top five events with heavy insured losses occurred in the United States.
Despite initial reports from insurance providers following the storm who stated that the losses were not expected to be severe, Hurricane Sandy led to $25 billion in insured losses. Swiss Re noted that despite the storm's relatively low strength, it caused moderately large damages in the U.S., the Caribbean and the Bahamas.
Due to its impressive wind span, meteorologists are now calling Hurricane Sandy the largest Atlantic hurricane on record. Furthermore, the resulting storm surge caused extensive damage to one of the most populated areas of the country, leading to the surprisingly high insured loss count.
The drought that blighted the Southwest and middle America during the summer caused more than $11 billion in damages, and the severe storms that plagued the country in March and April led to a combined cost of $4.8 billion.
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