Insurers to Pay Record Disaster Damages
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Natural disasters will cost insurers a record &#36;35 billion this year, after hurricanes lashed the Caribbean and southeastern United States and a record 10 typhoons soaked Japan in events seen as linked to global warming, climate experts said on Wednesday.
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Insurers are having their costliest year since 2001, when the September 11th terrorist attacks in the US led to $26.5 billion in catastrophe claims.
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US property and casualty insurers have paid out $21.3 billion for eight catastrophes damage, including hurricanes Charley, Frances, Ivan and Jeanne, according to the data of the Jersey-based Insurance Services Office Inc.
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Florida insurers, after weathering two hurricanes in the last month, are scrambling to compile damage assessments while bracing for another potential storm this weekend that could further erode profits.
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Hurricane Ivan, which slammed into the US Gulf coast today, may cost insurers $4 billion to $10 billion, rivaling hurricanes Charley and Frances, Risk Management Solutions Inc.
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Â· Up to Â£250m a year needed, say insurersÂ· Three dead and hundreds evacuated from homes.
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The tsunami catastrophe in Asia has wreaked economic damage of more than $13.6 billion, the world&#39;s largest reinsurer estimates.
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The tsunami catastrophe in south Asia  has caused economic damage in excess of 10 billion euros ($13.6  billion), a top risk researcher at Munich Re, the world's  largest reinsurer, was quoted as saying on Tuesday.
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Utilities and insurance companies are expected to try to recover massive expenses from the recent hurricanes, and consumers could be the ones who pay.
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Hurricane Charley, the worst storm to hit the US in over a decade, will cost insurers $7.4bn (£4bn;5.9bn euros).
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Governments, aid agencies, insurers and travel firms are counting the cost of the massive earthquake and waves that hammered southern Asia.
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Insurance claims for damage caused in  the United States this year by four major hurricanes may reach  $23 billion, surpassing payments on claims for 1992's Hurricane  Andrew, an insurance industry group said on Friday.
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Allstate Corp. and Citizens Property Insurance Corp., which reported the biggest losses from last month&#39;s Hurricane Charley, may face the largest claims from Hurricane Frances
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European insurers face new costs and travel firms could lose business after tsunami waves killed more than 21,500 in Asia this weekend, but the financial impact is expected to be limited compared with other disasters this year.
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Insurance companies' handling of  damage claims from hurricanes, where both wind and water  destroy property, needs closer government scrutiny, U.S.  congressional investigators said on Wednesday.
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Insurers are counting the cost of Hurricane Charley in Florida, with early damage estimates reaching as high as $14bn (Â£7.6; 11bn euros).
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Germany's Munich Re, the world's largest reinsurer, said Monday that the overall insured damage caused by Hurricane Frances so far is between $5 billion and $15 billion.