Natural catastrophe losses lower in 2014: Munich Re| MENAFN.COM

Monday, 24 January 2022 01:24 GMT

Natural catastrophe losses lower in 2014: Munich Re

(MENAFN- AFP) Financial and human losses from natural catastrophes were lower in 2014 than in 2013, the world's leading reinsurer Munich Re calculated in its annual review published Wednesday.

"Overall losses from natural catastrophes totalled $110 billion (92.6 billion euros) in 2014, down from $140 billion in 2013," Munich Re calculated.

At 7,700, the number of fatalities was also much lower than 21,000 in 2013, and also well below the average figures of the past ten and 30 years.

"The absence of very severe catastrophes and a quiet hurricane season in the North Atlantic meant that losses from natural catastrophes in 2014 were much lower," Munich Re said.

"Though tragic in each individual case, the fact that fewer people were killed in natural catastrophes last year is good news," said board member Torsten Jeworrek.

"However, the lower losses in 2014 should not give us a false sense of security, because the risk situation overall has not changed. There is no reason to expect a similarly moderate course in 2015. It is, however, impossible to predict what will happen in any individual year," he said.

The most severe natural catastrophe in 2014 was the flooding in India and Pakistan in September, which caused 665 deaths.

The overall favourable development was no "mere coincidence," Jeworrek said.

"In many places, early warning systems functioned better, and the authorities consistently brought people to safety in the face of approaching weather catastrophes, for example before Cyclone Hudhud struck India's east coast and Typhoon Hagupit hit the coast of the Philippines," said Jeworrek.

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