25 Jul 2008

07 global General Insurance Company for disaster "pay for" 28 billion U.S. dollars

Swiss Re was recently released report, in 2007 the world with natural and man-made disaster-related economic losses over 70 billion U.S. dollars and claimed more than 20,000 lives. Choi Chanxiangongsi therefore pay a total of 28 billion U.S. dollars settlement.

The agency said, despite the 2007 disaster caused by the number of deaths and amount of the loss is not particularly prominent, but statistics show that natural disasters and man-made disasters, whether in quantity or cost rise. The author of the study report said one of Rudolf Enz, property insurance loss last year, the European victims of the most serious, and has always been the highest loss of the top list of the United States, last year's losses compared with previous years to light.

2007 Europe suffered extremely serious natural disasters. January, the winter storm "Kyrill" swept through Germany, Britain, Belgium and the Netherlands, resulting in 6.1 billion U.S. dollars in insured losses. Summer, the United Kingdom and two attacks by the torrential rains and floods, insurance losses amounting to 4.8 billion U.S. dollars. April, the United States suffered the most devastating loss of natural disasters: storms accompanied by high winds, hail and flooding, resulting in 1.6 billion U.S. dollars in insured losses. October, the California forest fires, caused insured losses over 1 billion U.S. dollars.

Rudolf Enz also pointed out: "Statistics show that long-term disaster showed a sharp upward trend. Since 1970, the amount of the loss to an average annual growth rate of 12% (after deduction for inflation compared with 7 percent)."

In recent years, insurance companies have been under the new data and research results to correct its simulation model, especially in its flood losses after the model revealed deficiencies.

Another goal of the insurance companies will be catastrophic risk is transferred to the capital markets. Organization in Geneva, chief risk officer of the Forum, under the guidance of the European insurance industry launched the establishment of a European disaster risk of loss for the initiative.

No comments: