© The Associated Press
Total insured losses from natural catastrophes and man-made disasters reached about $70 billion in the first half of this year, more than double the losses in the same period in 2010, according to estimates by the Zurich-based reinsurer.
The figure was only surpassed in 2005 after hurricanes Katrina, Wilma and Rita caused claims of more than $90 billion, the world's second-biggest reinsurer said. Catastrophe claims usually increase in the second half of the year with the hurricane season in the North Atlantic and typhoons in the northwest Pacific.
"Additional claims from the ongoing U.S. hurricane season or expensive winter storms in Europe have the potential to bring figures for the full year even closer to the record claims" of 2005, Thomas Hess, Swiss Re's chief economist, said in an e- mailed statement.
Hurricane Irene, which made landfall Aug. 27 as a Category 1 hurricane in North Carolina before striking New York the next day as a tropical storm, may result in insured damages of up to $6.6 billion, Aon Benfield, the world's biggest reinsurance broker, said yesterday.
of signing new policies after this year. As happens with most disasters of late, the insurance companies send out out non-renewals, forcing home owners to find new coverage, but all of these new policies included higher deductibles and lower coverages.
Personal example: after Katrina, I had to buy a new policy due to non-renewal, but 2 yrs later when my house and shop was cleaned-out , I found out, that there was clause under theft, that only covered $1k per occurrence, although the thieves made off with $280k US, I received a check for $500. Had the place burned to the ground, I would have been paid to rebuild the house and $270k in contents.....
Legal Extortion, is an understatement......