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5/6/2011 - Study reveals worldwide economic, insured losses in 2010 from environmental disasters


Natural disasters have flooded homes and left plenty of damage in their wake.

Though it's only a few months long, 2011 seems like it's been the year of environmental disasters. But a recent study from a global insurance company indicates that distinction may be better left to 2010.

A study commissioned by Swiss Reinsurance, a Switzerland-based global insurer with representation in 20 countries worldwide, has found that man-made and natural catastrophes last year cost $218 billion in economic losses, $43 billion of which was shouldered by insurance companies.

Two earthquakes were particularly costly for the insurance industry, as the Chile and New Zealand quakes led to $8 billion and $4.4 billion in insurance losses, respectively.

But floods were also devastating. The study found that three floods - one in Australia and two in the U.S. - generated insurance losses of more than $1 billion.

The prevalence of earthquakes and flooding in 2010 is testimony to the importance of insurance in general and flood insurance in particular. While most insurance companies offer flood insurance, they're usually not a part of a standard policy, and thus must be purchased separately.

At Selective, we offer you the peace of mind of having coverage that can help protect you specifically for flood damage with a policy that is more affordable than you may think. Contact your local Selective agent to find out if flood insurance is right for you or click here to learn more.

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