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04 March 2024

Catastrophes cost $70bn in 2007: Swiss Re

By Agencies

Economic losses from natural and man-made catastrophes in 2007 were more than $70 billion (Dh294bn), with insurers hit by claims amounting to $28 billion, according to research released on Tuesday by Swiss Re, the world's largest reinsurer.


Europe was hit hard by the Kyrill storm in January, which caused insured losses of $6.1 billion across Germany, Britain, Belgium and the Netherlands.


The summer floods in Britain caused a further $4.8 billion in insurance claims, said Swiss Re.


The United States emerged unscathed from major hurricanes. The most expensive event was an April windstorm, which cost insurers $1.6 billion.


The most lethal disaster was Cyclone Sidr, which hit Bangladesh in November, causing 4,234 deaths.


Swiss Re said higher catastrophe claims were expected going forward, particularly from floods. (Reuters)