U.S. natural disasters dominated insurance losses this year, with the top five insured-loss events occurring in the U.S. between March and October of 2012, according to Swiss Re.
Topping this list are Hurricane Sandy — with insured losses estimated at up to $25 billion — and the widespread drought that has cost the country $11 billion in agricultural losses.
"Severe weather events continue to affect many parts of the world. Although insurance cannot bring back lost lives, many people and businesses can rely on financial relief from insurance cover, as is the case for the U.S.," says Kurt Karl, chief economist at Swiss Re. "However, in large parts of the globe that are prone to severe weather events, people and businesses could increase risk-preparedness by eliminating underinsurance."
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