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Superstorm Sandy and U.S. Drought Account for 2/3 of All 2012 Insurance Losses

A new report by Aon Benfield reveals that worldwide economic losses were near average in 2012, but insured losses were 36 percent higher than the 10-year average ($72 billion vs. $53 billion)...
January 30, 2013

A new report by Aon Benfield reveals that worldwide economic losses were near average in 2012, but insured losses were 36 percent higher than the 10-year average ($72 billion vs. $53 billion). The report attributed the increase to the two most expensive events of 2012 occurring in the United States, which has higher than average insurance penetration. Aon says Superstorm Sandy and the severe, yearlong drought represented two-thirds of all 2012 insurance losses globally and nearly half of all economic losses for the year. A total of 295 natural peril events occurred worldwide in 2012, which resulted in total economic losses of $200 billion, only slightly above the 10-year average of $187 billion, the report said.

U.S. Nat Cats Account for Half of World’s Economic Losses (Insurance Journal 1/24/13)

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