Flood Losses Dominate First-Half Nat Cat Losses

According to an article by the Insurance Information Institute, flood events in Europe, Canada and Australia accounted for three of the five costliest natural catastrophes for global insurers in the first-half of 2013.

Munich Re stated that inland floods in Germany, Austria and the Czech Republic in May/June this year had cost insurers an estimated $3.9 billion so far, while total economic losses will be more than $16 billion. Overall, inland flooding that hit areas like Europe, Canada, Asia and Australia accounted for 47% of the worldwide economic losses and 45% of insured losses in the first six months. Two severe events in North America also ranked in the top five costliest natural catastrophes for insurers in the first six months of 2013, including the May 21st tornado in Moore, Oklahoma and June’s flooding in the Canadian province of Alberta.