Insurers Faced Biggest Losses on U.S. Thunderstorms, Munich Re Data Shows
Dow Jones07-30
0600 GMT - Severe thunderstorms in the U.S. were the biggest driver of losses for insurers in the first half of the year, according to Munich Re data. Total losses from U.S thunderstorms came to $30 billion, with insured losses at $22 billion, below the 10-year average, according to the reinsurer's figures. In the first half of the year, natural disasters caused around $112 billion in damage worldwide, of which $44 billion was insured, representing an insurance gap of 60%, according to Munich Re. The most destructive natural disaster was a double earthquake in Venezuela on June 24, with initial estimates putting the total damage at around $30 billion, of which less than $1 billion was insured, according to the data.
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