The Mumbai terror strikes of 26/11 have been one of the single largest insurance losses for India. But it won’t figure in the Top 5 costliest insured losses in 2008.
The Mumbai terror strikes of 26/11 have been one of the single largest insurance losses for India. But global estimates suggest it won’t figure in the Top 5 costliest insured losses in 2008.
This year, losses from from ‘acts of God’ have caused substantial more damages than ‘man-made disasters’. Property insurers globally are expected to face claims of over $50 billion in 2008, making it the second costliest year in terms of insured losses, after 2005.
Almost 86% of the total estimated property claims are estimated to emerge from natural catastrophes. Swiss Re, the world’s largest reinsurance company, stated in a recent report: “Catastrophes in 2008 cost society $225 billion.”
That figure includes both insured and uninsured losses to buildings, infrastructure and vehicles. The company said the earthquake in Sichuan, China, was the costliest catastrophe, causing $85 billion of damage. Hurricane Ike ranked second ($40 billion), followed by snowstorms and freezing rain across China ($20 billion).
In terms of man-made disasters, a ruptured pipeline on Varanus Island in Western Australia in June resulted in losses of at least $1.8 billion to industry and the local economy, the report said.
It is estimated that more than 238,000 people lost their lives due to natural calamities and man-made disasters during 2008. In Asia, the two biggest calamities came in early May, when tropical cyclone Nargis struck Myanmar and a devastating earthquake shook China’s Sichuan region in the same month.
Swiss Re estimates the two events set off the largest humanitarian crisis in recent history. Most of the losses from these two events were not insured. Man-made disasters continued to prove costly in 2008. “Explosions and major fires resulted in losses of $4.8 billion.
Damages to industry and industrial warehouse accounted for $2.1 billion, while oil and gas related incidents cost insurers another $1.5 billion,” the report said. Back home, the 26/11 losses are estimated to run into hundreds of crores, but the actual assessment is yet to be completed.
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