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8 biggest insurance losses in the world

Last updated on: April 1, 2013 09:04 IST

8 biggest insurance losses in the world

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Due largely to weather-related disasters, the amount of insured losses in 2012 exceeded $77 billion, making it the third costliest year since 1970, according to a report by Swiss Re, a big reinsurance company, says The Economist.

Let's take a look at eight biggest insurance losses in the world since 1970.

Source: The Economist

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Image: Men inspect damage to a beach club destroyed by Hurricane Sandy in Sea Bright, New Jersey, United States.
Photographs: Lucas Jackson/Reuters
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Hurricane Katrina

Insurance losses (2012 prices): $78 billion

Year of catastrophe: 2005

Overall rank: 1

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Image: Part of the Tulane University campus is covered in floodwaters from Hurricane Katrina in New Orleans, United States.
Photographs: Stringer/Reuters
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Hurricane Sandy

Insurance losses (2012 prices): $38 billion

Year of catastrophe: 2012

Overall rank: 2

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Image: Men survey the damage caused by Hurricane Sandy in the Ortley Beach area of Toms River, New Jersey, United States.
Photographs: Andrew Burton/Reuters
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Tohoku Earthquake

Insurance losses (2012 prices): $37 billion

Year of catastrophe: 2011

Overall rank: 3

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Image: Shinkansen, or bullet train, speeds past temporary houses for survivors of the earthquake and tsunami in Sendai, Miyagi prefecture, Japan.
Photographs: Kyodo/Reuters
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Hurricane Andrew

Insurance losses (2012 prices): $23 billion

Year of catastrophe: 1992

Overall rank: 4

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Image: A sailboat rests on the Rickenbacker Causeway to Key Biscayne with the Miami downtown skyline in the background, United States.
Photographs: Rick Wilking/Reuters
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September 11 attacks

Insurance losses (2012 prices): $22 billion

Year of catastrophe: 2001

Overall rank: 5

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Image: Runways and roadways are devoid of activity as some 178 commercial aircraft sit idle at Los Angeles International Airport after the September 11, 2001, attacks in New York and Washington.
Photographs: Jim Ruymen/Reuters
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Northridge Earthquake

Insurance losses (2012 prices): $21 billion

Year of catastrophe: 1994

Overall rank: 6

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Image: A view of the intersection of the Interstate 5 and 14 freeways, after the Northridge earthquake caused major damage to an overpass (upper left) in the United States.
Photographs: Lee Celano/Reuters
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Hurricane Ike

Insurance losses (2012 prices): $20 billion

Year of catastrophe: 2008

Overall rank: 7

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Image: A home is left standing among debris from Hurricane Ike in Gilchrist, Texas, United States.
Photographs: Smiley N Pool/Pool/Reuters
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Hurricane Ivan

Insurance losses (2012 prices): $15 billion

Year of catastrophe: 2004

Overall rank: 8


Image: A view of buildings damaged by Hurricane Ivan in Pensacola Beach, Florida, United States.
Photographs: Joe Skipper/Reuters
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