According to a leading re-insurer, disaster losses for insurers nearly doubled in the past year to reach almost $30 billion globally. The main culprits for the massive increase were calamitous winter storms in Europe, flooding in Britain and wildfires in the U.S.Taking into account weather change, Munich Re anticipates an increased number of catastrophes in coming years and warns, "We should not be misled by the absence of mega-catastrophes in 2007," as "climate change is already taking effect" and "more such extremes are to be expected in the future."
The world's second-largest re-insurer estimates that losses to insurers from natural disasters jumped up to $75 billion this year. During 2006, losses from natural disasters totaled only $50 billion, while 2005 figures climbed up to $220 billion due primarily to Hurricane Katrina's ravaging of New Orleans.
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