2011 saw largest economic losses in recorded history, says Swiss Re

Swiss Re’s latest sigma study has revealed unparalleled economic losses of $370 billion from man-made and natural catastrophes disasters in 2011.

Despite immense insured losses of USD 116 billion (a 142 percent increase over the previous year) arising from record earthquake and flood losses, the insurance industry weathered the year well and played a key role in risk management and post-disaster recovery financing.

The report also revealed that Flooding in Thailand resulted in the highest insured losses ever for a single flood event, at $12 billion.