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2014 Natural Catastrophe summary

Natural catastrophe insured losses $31 billion in 2014, below 30-year average

The property and casualty insurance industry was hit with below-average catastrophe losses in 2014, and while some parts of the world are seeing in increase in thunderstorm events, a Munich Reinsurance Company expert suggested Wednesday that no single weather event can necessarily be attributed to human-induced climate change.

"2014 was a year that was characterized by below-average catastrophe losses, at least with respect to the last 15 years or so, but there were a number of anomalies, including the impact of winter storm losses, which had a very significant economic impact on the United States exactly a year ago," said Robert Hartwig, president of the Insurance Information Institute, during a web conference, held in conjunction with Munich Re, on natural catastrophe activity for 2014.

Worldwide, insured losses from catastrophes were $31 billion in 2014, down from $39 billion in 2013, said Carl Hedde, head of risk accumulation for Munich Reinsurance America Inc. All figures are in United States dollars.

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