Tornadoes, hurricanes and other natural catastrophes caused $160 billion worth of damage in 2012, according to a report made by the German reinsurance company Munich Re.
United States reported about 67 percent of overall losses and 90 percent of insured losses, due to the damage caused by Hurricane Sandy. The insured loss caused by the hurricane was around $25 billion, which makes it the highest in 2012.
“Last year, natural catastrophes caused $160 billion in overall losses and $65 billion in insured losses worldwide,” Munich Re said in a statement.
But overall, global losses were lower in 2012 than in 2011, when Japan and New Zealand reported the highest losses due to violent earthquakes. In 2011, overall losses came to $400 billion and insured losses to $119 billion.
In 2012, about 9,500 people lost their lives in natural catastrophes compared with 27,200 in 2011.
“The relatively small number of fatalities was due to the fact that, in 2012, few severe natural catastrophes occurred in emerging and developing countries, where natural catastrophes tend to have far more devastating consequences in terms of human lives,” Munich Re said.