Global cost of disasters hits $370bn

Natural disasters such as Japan’s earthquake and floods in Australia and Thailand cost the global economy a record $370bn (€281bn) in 2011, with losses for the insurance industry the second largest ever, Swiss Re said yesterday.

Insured catastrophe losses more than doubled in 2011 to $116bn, Swiss Re said in its study of natural catastrophes and man-made disasters. That was up from a December forecast for $108bn.

Munich Re, the world’s biggest reinsurer, estimated in January a cost of $105bn to the insurance industry from natural disasters.