1/25/2013 - Weather-wise, final six months of 2012 highly active
If 2012 seemed like an above-average year for wild weather, a recent report confirms that to be true.
According to its "2012 Natural Catastrophe Year in Review," reinsurer Munich Re reports that property insurance losses nearly totaled $60 billion in the U.S. this past year more than double what the average was in 2011.
Carl Hedde, head of risk accumulation at the reinsurance firm, indicated that last year was characterized by certain types of weather-related activity.
"As we review the [natural catastrophe] headlines for 2012, the words heat, wind and water come to mind as we describe the natural catastrophe events in the U.S.," said Hedde.
Despite the increase in damage totals resulting from extreme weather, there were fewer fatalities that resulted. Munich Re notes that there were about 9,500 deaths resulting from natural catastrophes, down from the 106,000 average in the previous nine years.
It appears as though the second half of 2012 was more active than the first six months. In a mid-year report released by Munich Re in July, insured losses in the U.S. amounted to $12 billion. The U.S. also saw the brunt of storm activity through the first six months of the year, with 85% of total insured losses occurring stateside.