Insured cat losses continue increasing.(Reporter's Notebook)

Claims, February, 2004

Economic and insured losses continued to increase at a high level during 2003, according to a recent analysis by Munich Re. Right up until the last days of the year, when earthquakes jarred California and Iran, 2003 was marked by a series of severe natural hazard events, with the number of fatalities far exceeding the long-term average.

Although the number of natural catastrophes recorded in 2003 was around 700, about the same level as the previous year, global economic losses rose to more than $60 billion from 2002's $55 billion. These were mainly the result of tornadoes, heat waves, and forest fires, but also severe floods in Asia and Europe. Insured losses increased to nearly $15 billion from $11.5 billion during the same period.

The year 2003 was...

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