Munich Re: 1st Half Insured Losses from Natural Disasters Below Long-Term Average
30 Juli 2019 - 01:50PM
Dow Jones News
By Antonia Di Lorenzo
Munich Re AG (MUV2.XE) said Tuesday that insured losses from
natural disasters were below the long-term average in the first
half of the year, due to low insurance penetration in many of the
affected countries.
The German reinsurer said that insured losses for the industry
totaled about $15 billion, compared with $17 billion in the same
period a year earlier. The long-term average is $18 billion.
Total losses--insured and uninsured--from natural disasters were
$42 billion, compared with $33 billion a year ago.
Thunderstorms with tornadoes in the Midwestern U.S. caused
overall losses of $3.3 billion, of which $2.5 billion were
insured.
Cyclone Idai, which hit Mozambique, Malawi, Zimbabwe and South
Africa in March, was the deadliest disaster, killing more than
1,000 people. The cyclone caused overall losses in Mozambique and
neighboring countries of $2 billion. The loss in Mozambique is
equivalent to about one-tenth of the country's gross domestic
product.
"Almost nothing was insured, so that very few of the people
affected were able to obtain prompt financial assistance for the
loss of their belongings," he added.
Write to Antonia Di Lorenzo at antonia.dilorenzo@wsj.com;
@AntoniaDL89
(END) Dow Jones Newswires
July 30, 2019 07:35 ET (11:35 GMT)
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