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Natural catastrophes weren't as expensive in 2009, as it seems the cost of everything imaginable also got smacked. Munich Re (0KFE), the world's largest reinsurer by revenues, pegs the total economic loss from natural catastrophes at $50 billion this year, only a quarter of the result for 2008. Of course, the benchmark year included Hurricanes Gustav and Ike. Natural catastrophe losses remained far below the 10-year average of $115 billion. Insured losses from natural catastrophes plunged, as well. In 2009, they reached only $22 billion worldwide, a decline of more than 50% from 2008. Winter storm Klaus, striking northern Spain and southwest France nearly a year ago, topped the list of costliest natural catastrophe events in 2009. It generated total losses of $5.1 billion and insured losses of $3 billion.
According to reinsurance broker Aon Benfield (AON), insured natural catastrophe losses fell to a three-year low. The firm reported slightly different totals from Munich Re: $20 billion in insured losses and $58 billion in total damage. This is likely the result of definitions, calculation methods or currency exchange differences, among other factors. Aon Benfield reports that there were 222 distinct natural catastrophe events this past year, up from 213 in 2008 and 217 in 2007. Yet, the frequency was not accompanied by severity.
According to Munich Re, increased frequency in extreme weather events has contributed to an increase in natural catastrophe losses, with the total economic damage caused since 1980 hitting $1.6 trillion.
"Climate change probably already accounts for a significant share. In the light of these facts, it is very disappointing that no breakthrough was achieved at the Copenhagen climate summit in December 2009," Munich Re board member Torsten Jeworrek said in a statement.
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