Insured Catastrophe Losses - Statistics & Facts

Insured Catastrophe Losses - Statistics & Facts

Statistics and facts on the catastrophe losses of the insurance industry

Insurance is a form of risk management. It is a promise of compensation from the insurer to the policy holder for specific future losses in exchange for a periodic payment. It is designed to protect the individual, business or organization from unexpected loss and protects their financial well-being. Some of the most extreme cases of financial loss to individuals and other entities are those resulting from catastrophes. However, if these catastrophes are covered by insurance, individuals or entities are insured and have catastrophe cover, then the insurer foots the bill. Often, because of their scale and reach, catastrophes can become very costly to the insurance industry. Natural disasters especially tend to result in significant insured losses for this reason. Man-made disasters on the other hand tend to be more localized events. Terrorist attacks, aviation disasters and explosions are all classed as man-made catastrophes and are more centralized, with a much less extensive reach than that of an earthquake for example.



Most expensive natural disasters for the insurance industry, by insured and total losses
(between 1980 and 2011, in million U.S. dollars)

Costliest storms for the insurance industry, by total and insured losses
(between 1980 and 2011, in million U.S. dollars)

Global insured losses caused by man-made catastrophes
(between 1970 and 2011, in million U.S. dollars)
Photo: istockphoto.com / tforgo

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