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Swiss Re: cost of global disasters triples in 2010

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10:23 CEST+02:00

The global cost of natural and man-made disasters more than tripled in 2010 to $218 billion, leading reinsurer Swiss Re said Tuesday.

"The cost to the global insurance industry was more than $43 billion, an increase of more than 60 percent over the previous year," added the reinsurer.

Earthquake losses – in particular those in Chile and New Zealand – accounted for almost a third of all disaster losses in 2010.

"Incidentally, earthquake losses for 2011 will also be above average as the total insured claims for the February 22 earthquake in Christchurch, New Zealand, are estimated to be between $6 billion and $12 billion," it said.

 "The massive Tohoku earthquake that struck Sendai, Japan on March 11 is also expected to trigger significant insured losses," it added.

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