Catastrophe figures for 2008 confirm that climate agreement is urgently needed
A large number of tropical cyclones and the earthquake in Sichuan made 2008 one of the most devastating years on record. Although there was a drop in the number of loss-producing events compared with the previous year (from 960 to 750), individual catastrophes pushed up the numbers of victims and the losses appreciably. Throughout the world, more than 220,000 people died as a result of natural catastrophes this year. Overall losses totalled some US$ 200bn (2007: US$ 82bn) but were still below the record set in 2005 (US$ 232bn in current values). Insured losses in 2008 rose to US$ 45bn, about 50% higher than in the previous year.
Driven by high losses from weather-related natural catastrophes, 2008 was – on the basis of figures adjusted for inflation – the third most expensive year on record, exceeded only by the hurricane year of 2005 and by 1995, the year of the Kobe earthquake. Torsten Jeworrek, member of Munich Re's Board of Management: "This continues the long-term trend we have been observing. Climate change has already started and is very probably contributing to increasingly frequent weather extremes and ensuing natural catastrophes. These, in turn, generate greater and greater losses because the concentration of values in exposed areas, like regions on the coast, is also increasing further throughout the world." Munich Re is a world leader in terms of investigating risks from natural hazards of all kinds. "2008 has again shown how important it is for us to analyse risks like climate change in all their facets and to manage the business accordingly," said Jeworrek.
Munich Re is the largest re-insurer on the planet.
