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 regular payment. It is designed to protect the individual, business or organization from an unexpected loss and secure their financial well-being.
Some of the most extreme cases of financial loss to individuals, businesses and whole regions result from natural catastrophes. In 2014, the insured losses worldwide reached approximately 34.71 billion U.S. dollars. Weather related losses cost the insurance industry 27.44 billion U.S. dollars, man-made disasters cost 6.96 billion U.S. dollars and earthquakes cost 0.31 billion U.S. dollars.
The earthquake most expensive to the insurance industry since 1980, took place in Japan in March 2011. The total losses were estimated to 210 billion U.S dollars while only 40 billion U.S. dollars were insured. The most costly typhoon to the insurance industry occurred in Japan in 1991. Typhoon Mireille incurred 10 billion U.S. dollars of total losses, out of which 6 billion U.S. dollars were insured. The most costly insurance loss worldwide resulting from a natural disaster from 1970 to 2014 amounted to 78.64 billion U.S. dollars and was caused by hurricane Katrina, which hit the United States in 2005.
Man-made insured losses are those caused by fires and explosions, mining accidents, aviation, maritime or rail disasters. In 2014, major fires and explosions worldwide cost the insurance industry approximately 4.26 billion U.S. dollars and were the most significant insured loss among the mentioned categories.
The most costly terrorist attack took place in United States in 2011. The insured property loss resulting from the crash of hijacked airplanes into World Trade Center and Pentagon amounted to 25.12 billion U.S. dollars.
A big part of the above-mentioned costs is incurred by the insurance companies. There are many companies worldwide operating in the insurance sector. The largest insurers in terms of revenue in 2013 were Berkshire Hathaway (182.15 billion U.S. dollars), AXA (165.89 billion U.S. dollars) and Japan Post Holdings (152.13 billion U.S. dollars).
Photo: istockphoto.com / tforgo
| Natural Disasters | Values | Statistic |
|---|---|---|
| The most costly insurance loss | Hurricane Katrina (2005) | Details → |
| Most expensive natural disaster for the insurance industry, by total losses | 60.5 b | Details → |
| Worldwide insured losses caused by storms | $20,624m | Details → |
| Costliest earthquake for the insurance industry in the U.S., by total and insured damage | California: Northridge, Los Angeles (Jan 17, 1994) | Details → |
| Most costly floods to the insurance industry worldwide from 1980 to 2013 | Floods in Thailand in 2011 caused 16 billion U.S. dollars losses for the insurance industry | Details → |
| Man-made Disasters | Values | Statistic |
|---|---|---|
| Global insured losses caused by major fires, explosions catastrophes | $5.629 m | Details → |
| Worldwide insured losses caused by aviation disasters | $1,001 m | Details → |
| Worldwide insured losses caused by maritime disasters | $1,679 m | Details → |
| The most expensive terrorist attackbased on insured damage | Series of attacks in the U.S. (Sept 11, 2001) | Details → |
- Most expensive earthquakes to the insurance industry worldwide 1980-2016
+Most expensive earthquakes to the insurance industry worldwide 1980-2016Most expensive earthquakes to the insurance industry worldwide from 1980 to 2016 (in billion U.S. dollars)
- Most costly disasters to the insurance industry worldwide 1970-2015Most costly disasters to the insurance industry worldwide 1970-2015
Most costly catastrophes to the insurance industry worldwide from 1970 to 2015 (in billion U.S. dollars)
- Value of catastrophe bonds issued worldwide 2005-2015Value of catastrophe bonds issued worldwide 2005-2015
Value of catastrophe bonds issued worldwide from 2005 to 2015 (in billion U.S. dollars)
- Most expensive terrorist attacks worldwide 2015, by insured property losses+Most expensive terrorist attacks worldwide 2015, by insured property losses
Most expensive terrorist attacks worldwide as of 2015, by insured property losses (in million U.S. dollars)
- Most expensive hurricanes to the insurance industry worldwide 1980-2015+Most expensive hurricanes to the insurance industry worldwide 1980-2015
Most expensive hurricanes to the insurance industry worldwide from 1980 to 2015 (in billion U.S. dollars)
- Global insured losses caused by aviation disasters 2006-2015+Global insured losses caused by aviation disasters 2006-2015
Global insured losses caused by aviation disasters from 2006 to 2015 (in million U.S. dollars)
- Insured losses caused by man-made catastrophes worldwide 1990-2015+Insured losses caused by man-made catastrophes worldwide 1990-2015
Insured losses caused by man-made catastrophes worldwide from 1990 to 2015 (in billion U.S. dollars)
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