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The most costly insurance losses worldwide from 1970 to 2013, by event (in billion U.S. dollars)

 Loss in billion U.S. dollars
Hurricane Katrina (2005) 80.37
Earthquake/tsunami in Japan (2011) 37.67
Hurricane Sandy (2012) 36.89
Hurricane Andrew (1992) 27.59
Terror attack on WTC (2001) 25.66
Northridge earthquake (1994) 22.86
Hurricane Ike (2008) 22.75
Hurricane Ivan (2004) 17.22
Floods in Thailand (2011) 16.52
Earthquake in New Zealand (2011) 16.14
Hurricane Wilma (2005) 15.57
Hurricane Rita (2005) 12.51
Drought in the Corn Belt/U.S. (2012) 11.59
Hurricane Charley (2004) 10.31
Typhoon Mireille (1991) 10.03
Hurricane Hugo (1989) 8.92
Earthquake in Chile (2010) 8.88
Winter storm Daria (1990) 8.65
Winter storm Lothar (1999) 8.43
Major storm in Alabama et al.(2011) 7.86
Major tornado outbreak in Missouri et al.(2011) 7.59
Winter storm Kyrill (2007) 7.11
Storm and floods in Europe (1987) 6.6
Hurricane Frances (2004) 6.59
Hurricane Irene (2011) 6.27
Winter storm Vivian (1990) 5.91
Typhoon Bart (1999) 5.87
Earthquake in New Zealand (2010) 5.55
Hurricane Georges (1998) 5.24
Tropical storm Allison (2001) 4.93
Hurricane Jeanne (2004) 4.87
Typhoon Songda (2004) 4.59
Thunderstorms, tornadoes in the U.S. (2003) 4.22
Severe floods in Europe * (2013) 4.13
Hurricane Floyd (1999) 4.1
Hurricane Opal (1995) 3.98
Great Hanshin earthquake in Kobe (1995) 3.93
Hailstorms in Germany and France (2013) 3.84
Winter storm Martin (1999) 3.49
Winter storm Klaus (2009) 3.41
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The statistic presents the forty most expensive insurance losses worldwide from 1970 to 2013. Hurricane Frances, which occurred in the United States and the Bahamas in 2004, caused insured losses in excess of 6.59 billion U.S. dollars.


Insuring against natural disasters

Insuring is the practice of transferring risk from one entity to another in exchange for payment. It is important, especially if one lives, owns property or a business in an area prone to natural disasters, to take out coverage for a range of storms, catastrophic events and natural disasters that could cause damage to real estate. When considering this type of insurance it is important to ask a lot of the important questions up front. How long will it take for a claim to be settled for example, not all insurers settle claims with the same speed. Many also provide specific exclusions, be they for floods, earthquakes or other types of natural events. A detailed inspection of exclusions in a policy is important in order to find out which coverage is still needed. Obviously, the extent of coverage that one should take out is wholly dependant on the area in which one lives, in the United States, as well as in the rest of the world, there are low risk areas and there are high risk areas. Despite this, no one can be sure where a natural disaster will occur and the severity of the destruction it could bring with it when it does, no one can stop natural disasters or the economic impact that they have but insurance helps to mitigate the loss caused by them.

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