Webinar – 2010 Natural Catastrophe Review

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2010 Natural Catastrophe Year in Review

10 January 2011

Running time: 52 minutes

Munich Re and the Insurance Information Institute jointly present an overview of natural catastrophe activity for 2010.

About this event

Several major catastrophes in 2010 resulted in substantial losses and an exceptionally high number of fatalities. The overall picture last year was dominated by an accumulation of severe earthquakes to an extent seldom experienced in recent decades.

Webinar topics

  • Overview of US natural catastrophe activity including an update on “local” severe-weather events and their impact on insured losses
  • Overview of global catastrophe activity including major global events and statistics that compare 2010 with prior years
  • Economic implications of US natural catastrophes in 2010

2010 highlights

  • Globally, 950 natural catastrophes were recorded in 2010, the second highest figure for this period since 1980. Overall losses of around US$ 130bn were recorded, of which approximately US$ 37bn were insured. The level of overall losses was slightly above the high average of the past ten years.
  • In the U.S., overall losses for the year 2010 totaled US$ 21bn and insured losses totaled US$ 14bn, both results are below the 10-year average (US$ 46.7bn/US$ 25.8bn).
  • Although the US coast was not hit by a single hurricane, 2010 was one of the severest North Atlantic hurricane seasons of the past 100 years, in terms of the number and intensity of the storms. Altogether, there were 19 named tropical cyclones, equaling the number recorded in 1995 and putting 2010 in joint third place after 2005 (28) and 1933 (21).
  • Claims paying capacity reached an all-time record high in the US and possibly on a global scale as well.
  • Despite four consecutive years of flat/negative growth (2007-2010) and high catastrophe losses on a global scale, the insurance and reinsurance industries remain financially strong and secure.
  • Approximately half of the 50 state insurance regulators in the US will be new in 2011, creating some uncertainty in the regulation of certain catastrophe prone coverages, such as homeowners insurance.

Globally, 950 natural catastrophes were recorded in 2010, the second highest figure for this period since 1980. Overall losses of around US$ 130bn were recorded, of which approximately US$ 37bn were insured. The level of overall losses was slightly above the high average of the past ten years.


In the U.S., overall losses for the year 2010 totaled US$ 21bn and insured losses totaled US$ 14bn, both results are below the 10-year average (US$ 46.7bn/US$ 25.8bn).


Although the US coast was not hit by a single hurricane, 2010 was one of the severest North Atlantic hurricane seasons of the past 100 years, in terms of the number and intensity of the storms. Altogether, there were 19 named tropical cyclones, equaling the number recorded in 1995 and putting 2010 in joint third place after 2005 (28) and 1933 (21).


Claims paying capacity reached an all-time record high in the US and possibly on a global scale as well.


Despite four consecutive years of flat/negative growth (2007-2010) and high catastrophe losses on a global scale, the insurance and reinsurance industries remain financially strong and secure.


Approximately half of the 50 state insurance regulators in the US will be new in 2011, creating some uncertainty in the regulation of certain catastrophe prone coverages, such as homeowners insurance.

Presenters/Agenda

Carl G. Hedde.
US Catastrophe Update:
Carl G. Hedde, CPCU
Head of Risk Accumulation Munich Reinsurance America, Inc.
Ernst Rauch.
Global Catastrophe Update:
Ernst Rauch
Head of Corporate Climate Center Munich Re
Robert P. Hartwig.
Economic Implications:
Robert P. Hartwig, CPCU
President & Economist, Insurance Information Institute

In the US, Munich Re provides access to a full range of property-casualty reinsurance and specialty insurance products through Munich Reinsurance America, Inc., American Modern Insurance Group and Hartford Steam Boiler Group. Together, we deal with the issues that affect society and work to devise cutting-edge solutions that render tomorrow’s world insurable. Munich Re. has been successfully addressing the key challenges of the future for over 100 years. Our clients trust us to develop solutions for the whole spectrum of reinsurance – from traditional reinsurance agreements to the management of complex specialty reinsurance risks. Our recipe for success: we anticipate risks early on and deliver solutions tailored to clients’ needs, creating opportunities to achieve sustained profitable growth.

The Insurance Information Institute (I.I.I.) is a nonprofit, communications organization supported by the insurance industry. Its mission is to improve public understanding of insurance – what it does and how it works. For nearly 50 years, the I.I.I. has provided definitive insurance information. Today, the I.I.I. is recognized by the media, governments, regulatory organizations, universities and the public as a primary source of information, analysis and referral concerning insurance.

Contact

For press information, please contact
Terese Rosenthal, US Spokesperson
Phone: +1 609 243-4339


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