Unprecedented Extreme Weather In First Half Of 2011 Leads To Record $265 Billion In Losses

Amped Status, 2 August 2011

Insurance company Munich Re has a new report on the financial fall out from extreme weather events in the first half of this year. It’s another record-breaking disaster, in only six months it has already broken the record 2005 yearly total of $220 billion:

Accumulation of very severe natural catastrophes makes 2011 a year of unprecedented losses

An exceptional accumulation of very severe natural catastrophes makes 2011 the highest-ever loss year on record, even after the first half-year. Already, the approx. US$ 265bn in economic losses up to the end of June easily exceeds the total figure for 2005, previously the costliest year to date (US$ 220bn for the year as a whole)….

Altogether, the loss amount was more than five times higher than the first-half average for the past ten years. The insured losses, around US$ 60bn, were also nearly five times greater than the average since 2001. First-half losses are generally lower than second-half losses, which are often affected by hurricanes in the North Atlantic and typhoons in the Northwest Pacific…. It is very rare for such an extreme accumulation of natural hazard events to be encountered as in the first half-year.” [read full report]