Catastrophes cost $370 billion in 2011: Swiss Re

Catastrophes cost $370 billion in 2011: Swiss Re
Swiss Re

Catastrophes and man-made disasters cost the world economy a record $370 billion in 2011, reinsurer giant Swiss Re said on Wednesday, raising an estimate it issued in December.

The group had earlier estimated total economic losses at $350 billion, compared to $226 billion in 2010.

The devastating earthquake in Japan that sparked the Fukushima nuclear disaster in March accounted for 57 percent of 2011’s losses, the Zurich based group said.

Overall, insured losses reached $116 billion, more than double the $48 billion paid out by insurers for 2010.

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