Our industry’s risk expertise, capital strength, and claims-handling infrastructure are critical to finding meaningful solutions, and Munich Re is an active participant in the public-private partnership that seeks to offer more flood insurance options and promote flood protection.” Europe: Late frost after long warm period causes heavy losses Unusually low temperatures in April caused billions in damage to European farmers since their crops had already grown robustly in an otherwise warm spring.Depending on the region and particular fruit, harvests were up to 50% smaller than usual.Some facts about the natural disasters that affected the USA: Tony Kuczinski, President and CEO of Munich Re, US: “This hurricane season is a stark example of the incredibly important role that Munich Re plays in helping people and communities rebuild in the wake of natural catastrophes. First, that mitigation and improved risk management, such as stronger building codes in Florida, can work to reduce losses and promote life safety.
The fact that only a small fraction of the US$ 3.5bn in total losses was insured contributed to the humanitarian catastrophe.
(Read more) Hermann Pohlchristoph, Munich Re Board member responsible for Asia-Pacific: “In the Asia-Pacific region, natural catastrophe losses were thankfully less severe than in previous years: at US$ 33bn, they were below both last year’s total of US$ 96bn and the ten-year average of US$ 85bn.
Our statistics identified a total of 710 relevant natural catastrophes, which was also significantly more than the average of 605.
Approximately 10,000 people lost their lives in natural disasters this year, which is a slightly higher figure to last year’s, but at least much lower than the ten-year average of 60,000.
Torsten Jeworrek, Munich Re Board member responsible for global reinsurance business: “This year’s extreme natural catastrophes show how important insurance is in absorbing financial losses in the wake of such disasters.