The final bill in terms of the death toll and economic loss is still being calculated after massive earthquakes hit Haiti and Chile this year. It will far outweigh the 15,000 people who died or went missing as a result of natural and man-made catastrophes in 2009.
Last year the total losses from catastrophes hit $62 billion, of which only $26 billion was covered by insurance, according to Swiss Re. (The insurance firm considers events "catastrophes" if insured claims, total economic losses or casualties exceed a certain threshold). Insured natural catastrophes accounted for $22 billion and man-made disasters $4 billion.
The most disastrous year for insurance companies was 2005. Insurance losses totaled some $117 billion after Hurricanes Katrina, Wilma and Rita struck America. Hurricane Katrina alone claimed 1,836 lives and resulted in insured losses of some $71 billion.
Learn more about the insurance price tag of major catastrophes around globe.
Source: The Economist
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