2011 already costliest year for natural disasters

Copied/pasted directly from MSNBC.com, which can be found here (there are pictures too, and the rest of the article). Their "share" options should have been better designed, there was no way I would post what they proposed to me.


By Miguel Llanos
Updated 7/12/11


Natural disasters across the globe have made 2011 the costliest on record in terms of property damage, and that's just six months in, according to a report released Tuesday by a leading insurer that tracks disasters.

Moreover, that record builds on a trend of recent costly years — which means more expensive insurance for consumers over the long haul.

The first six months saw $265 billion in economic losses, well above the previous record of $220 billion (adjusted for inflation) set for all of 2005 (the year Hurricane Katrina struck), according to Munich Re, a multinational that insures insurance companies.

Japan's earthquake and tsunami last March account for the biggest chunk ($210 billion), as well as most deaths (15,500 dead with 7,300 still counted as missing), but even without that cost factored in, overall losses still exceed the 10-year average, the company stated in its half-year review (PDF file).

After Japan, the costliest disasters so far this year were New Zealand's earthquake in February ($20 billion), the twister outbreak in the U.S. Southeast ($7.5 billion), and Australia's flooding in December-January ($7.3 billion).

2011 is "one for the record books," Bob Hartwig, head of the Insurance Information Institute, told reporters being briefed on the study. "We are rewriting the financial and economic history of disasters on a global scale."

The rest is to be found on the website.