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Dec-29-2009Natural disasters caused less damage in 2009(topic overview)
CONTENTS:
- Insurers' losses from natural disasters fell by more than half in 2009 thanks to fewer hurricanes and earthquakes, although climate change contributed to a significant increase in damages and losses in the U.S., a leading reinsurer said Tuesday. (More...)
- In an annual look at the cost of natural disasters, the re-insurance giant said: "Losses were far lower in 2009 than in 2008 due to the absence on the whole of major catastrophes and a very benign North Atlantic hurricane season." (More...)
- In the Munich Re assessment of the past year there were no major catastrophes in 2009, but the total number of destructive natural hazard events was 850 above the 770 per annum average for the last ten years. (More...)
- Since 1980, weather-related natural catastrophes have cost a total of about $1.6 trillion, it said. (More...)
- The storm, which hit northern Spain and southwest France on Jan. 23-25, with winds of up to 121 mph (195 kph), caused more than a million people to lose power, damaged buildings and cars and wrecked numerous solar panel farms in Spain. (More...)
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Insurers' losses from natural disasters fell by more than half in 2009 thanks to fewer hurricanes and earthquakes, although climate change contributed to a significant increase in damages and losses in the U.S., a leading reinsurer said Tuesday. Munich Re AG said in its annual review that insured losses came in at $22 billion (euro15.3 billion) this year, down from $50 billion in 2008. It said total economic losses, including losses not covered by insurance, fell 75 percent to $50 billion from last year's $200 billion. [1] In monetary terms, 2009 losses were also much lower than in previous years, Munich Re said. It estimated the total economic cost this year at 50 billion dollars (35 billion euros) and insured losses at 22 billion dollars. That compared with economic losses of around 200 billion dollars and insured losses of 50 billion dollars in 2008, one of the worst years on record, and a decade average of 115 billion and 36 billion respectively, the German group calculated. The most expensive single event this year was Klaus, a winter storm that hit northern Spain and southwestern France on January 23-25 with winds of up to 195 kilometres an hour (122 mph). [2] The group nonetheless pointed to a higher total number of destructive events, around 850, than the long-term average since 1950, and deplored failure to achieve a breakthrough at the Copenhagen climate summit. In its annual look at the cost of natural catastrophes, Munich Re said: "Losses were far lower in 2009 than in 2008 due to the absence on the whole of major catastrophes and a very benign North Atlantic hurricane season." It put the death toll this year at "around 10,000," which was well below the average of 75,000 in each of the past 10 years. [3] FRANKFURT, Dec 29 (Reuters) - The total costs associated with natural catastrophes in 2009 will be about $50 billion, a mere quarter of the year-earlier figure, according to estimates from Munich Re ( MUVGn.DE ) published on Tuesday. The world's biggest reinsurer by revenues said in an excerpt of its annual report on natural catastrophes that while overall losses were well below the 10-year average of $115 billion, the trend toward more weather-related catastrophes was continuing. Insured losses, those losses which insurers and reinsurers will have to cover, are estimated to have more than halved from 2008 to $22 billion. [4] Economic losses totalled about $50bn (£31bn), compared with $200bn in 2008. It said the total number of destructive events was above the long-term average - with 850 recorded. "The trend towards an increase in weather-related catastrophes continues, whilst there has fundamentally been no change in the risk of geophysical events such as earthquakes," said Professor Peter Hoeppe, head of Munich Re's Geo Risks Research. [5] "However, we should make no mistake: despite the lack of severe hurricanes and other megacatastrophes, there was a large number of moderately severe natural catastrophes. The trend towards an increase in weather-related catastrophes continues, whilst there has fundamentally been no change in the risk of geophysical events such as earthquakes", said Prof. Peter H''ppe, Head of Munich Re's Geo Risks Research. [6]
Munich Re's head of geo risk research, Peter Hoeppe, warned that "the trend towards an increase in weather-related catastrophes continues." [2]
The decrease was largely the result of fewer hurricanes and severe earthquakes that plagued 2008, though the company said that climate change was blamed for a significant increase in the amount of damages and losses in the U.S. because of heavy thunderstorms, hail, tornados and torrential rains. "Initial analyses indicate that, apart from socio-economic factors, this is already due in part to climate change," said Peter Hoeppe, who heads Munich Re's Geo Risks Research unit. [1] FRANKFURT -- Munich Re AG, one of the world's largest reinsurers, Tuesday said economic and insured losses caused by climate change will continue to grow, and called for a near-term deal to ensure a substantial reduction in global greenhouse-gas emissions. [7] Munich Re said that Winter Storm Klaus, which hit northern Spain and south-west France in January, was the "costliest" disaster, with insured losses costing $3bn and economic losses $5.1bn. [5]
In monetary terms too, losses in 2009 were much lower than the levels in previous years, the re-insurance giant said. It estimated total economic losses this year at 50 billion U.S. dollars (35 billion euros) and insured losses at 22 billion U.S. dollars. That compared with economic losses of around 200 billion U.S. dollars and insured losses of 50 billion U.S. dollars in 2008. In the first decade of the century, those numbers have averaged 115 billion and 36 billion respectively, the German group calculated. [3] Klaus cut power to more than one million people while causing economic losses of 5.1 billion dollars and insured losses of three billion. [2]
In terms of insured losses, winter storm Klaus, which hit northern Spain and southwest France in January, was the most expensive individual event in 2009, with insured losses of $3 billion and an overall cost of $5.1 billion. [4] Insured losses came to $3 billion amid total losses of $5.1 billion. [1]
In an annual look at the cost of natural disasters, the re-insurance giant said: "Losses were far lower in 2009 than in 2008 due to the absence on the whole of major catastrophes and a very benign North Atlantic hurricane season." It put the death toll this year at "around 10,000," well below the average of 75,000 in each of the past 10 years. [2] Natural catastrophes took fewer lives and caused less damage this year than in 2008, according to the re-insurance group Munich Re. In its annual study, the group said the absence of major disasters and a benign hurricane season in the North Atlantic were the main reasons. [5] Munich Re, a leading global re-insurance group, said Tuesday that natural catastrophes took many fewer lives and caused much less damage on average in 2009 than in the previous decade. [3]
The group said that weather-related natural catastrophes had tripled since 1950. Board member Torsten Jeworrek said: "It is very disappointing that no breakthrough was achieved at the Copenhagen climate summit." The death toll this year stands at about 10,000 - that compares with an average of 75,000 in the past 10 years. [5] Board member Torsten Jeworrek added that given an almost three-fold rise in weather-related natural catastrophes since 1950, "it is very disappointing that no breakthrough was achieved at the Copenhagen climate summit." [2]
"We need as soon as possible an agreement that significantly reduces greenhouse gas emissions because the climate reacts slowly and what we fail to do now will have a bearing for decades to come," said management board member Torsten Jeworrek. "In the light of these facts, it is very disappointing that no breakthrough was achieved at the Copenhagen climate summit. [7] Munich Re, one of the world's largest insurance companies, has called for substantial greenhouse gas reductions "We need as soon as possible an agreement that significantly reduces greenhouse gas emissions because the climate reacts slowly and what we fail to do now will have a bearing for decades to come." said Torsten Jeworrek. "It is very disappointing that no breakthrough was achieved at the Copenhagen climate summit in December 2009. At Munich Re, we look closely at a multitude of risks and how best to handle them. [6]
One of the world's largest Insurance companies, German based Munich Re, has called for fast action by Governments on climate change resulting in a strict agreement for substantial greenhouse gas reductions. The company has also increased its substantial commitment to the $400billion Desertec proposal for solar thermal power production from North Africa to supply Europe with power. [6] FRANKFURT — We've made it through a year of relatively few natural disasters, German re-insurer Munich Re said Tuesday, but climate change is still a threat and the failed Copenhagen summit ensures costs will rise in the future. [2] The major industrial countries, along with China and India, have thus retreated behind the lines already established. At Munich Re, we look closely at a multitude of risks and how to handle them best. Climate change is such a risk, and the need for action is obvious. [6]
Risks that change in the course of time are especially hazardous. Climate change is just such a risk of change." added Torsten Jeworrek. [6]
"We will do our utmost to ensure that Desertec Industrial Initiative GmbH, the Desertec project planning entity, can put forward finished plans in the next three years. Munich Re will, of course, also be involved in their implementation - as an investor and insurer", said Torsten Jeworrek, Munich Re Board member responsible for global reinsurance business. [6] Munich Re board member Torsten Jeworrek, who oversees the company's global reinsurance business, voiced concern about the role of global warming in natural disasters. [1]
In the Munich Re assessment of the past year there were no major catastrophes in 2009, but the total number of destructive natural hazard events was 850 above the 770 per annum average for the last ten years. [6] Munich Re said that 2009 continued the long-term trend of increasingly frequent weather extremes and ensuing natural catastrophes, which will result in greater and greater losses. [4]
Due to the lack of progress at the COP15 climate negotiations in Copenhagen Munich Re has decided to increase its commitment in sustainability through investments of up to 2 billion Euros in renewable energy, including the Desertec desert-power project. [6] Munich Re is one of 12 European companies - 10 German, 1 Spanish and 1 Swiss - that has come together in the Desertec Industrial Initiative, an ambitious solar energy project that could eventually include about 200 plants and require investment of US$400 billion, with contruction over the next 40 years. [6]
Shortly after the COP15 talks ended Nikolaus von Bomhard, the Chief Executive Officer of Munich Re, said: "The outcome of Copenhagen has left me somewhat stunned. The 2''C goal agreed with China and India at the G8 summit in summer of this year was merely recognised in Copenhagen, with no pledges made. [6]
Since 1980, weather-related natural catastrophes have cost a total of about $1.6 trillion, it said. [4] While there is no reference estimate for the cost of climate change, economists say the bill will undoubtedly be in the trillions of dollars. [2]
Jeworrek said Tuesday: "We need as soon as possible an agreement that significantly reduces greenhouse gas emissions because the climate reacts slowly and what we fail to do now will have a bearing for decades to come." [2]
The storm, which hit northern Spain and southwest France on Jan. 23-25, with winds of up to 121 mph (195 kph), caused more than a million people to lose power, damaged buildings and cars and wrecked numerous solar panel farms in Spain. [1]
SOURCES
1. Reinsurer: Catastrophe Costs Down in '09 - ABC News
2. AFP: Fewer deaths in 2009 disasters: German re-insurer
3. Fewer deaths in 2009 disasters, says Munich Re
4. UPDATE 1-Munich Re: '09 catastrophe costs dropped 75 pct | Reuters
5. BBC News - Natural disasters caused less damage in 2009
6. Insurer invests in Solar Power, calls for fast action on Climate Change : Indybay
7. Munich Re Sees Climate-Related Losses Mounting - WSJ.com
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