Tsunamis ‘cause €10bn damage’

THE tsunami catastrophe has caused economic damage in excess of €10 billion, a top risk researcher at Munich Re, the world’s largest reinsurer, said yesterday.

Gerhard Berz, head of Geo Risk Research at the Munich-based firm, told the Deutsche Welle German television channel that the estimate was based on a “gut feeling” since reliable numbers were not yet available.

The estimate does not reflect the cost to insurers, which is likely to be a relatively small portion of the overall cost and made up mainly of damaged property and insurance cover for casualty.