14 February 2013News

Aon Benfield: 2011-2012 losses above the norm

The latest report from Aon Benfield’s Impact Forecasting unit found that global insured losses for 2011 and 2012 were well above the norm at $132.62 billion and $72.24 billion respectively.

2011 was a particularly torrid time for the industry with losses 229 percent of the global loss average of $57.93 billion, while losses from 2012 were 125 percent of the average. Earthquake losses stood out as the major peril for 2011, accounting for $52.35 billion of losses—well above the annual average of $7.39 billion. While in 2012 a confluence of drought, severe weather and tropical cyclone losses, all above the annual industry loss average, buffeted the sector.

A comparison of loss by peril between 2002 and 2013 provides an indication of the mix of insured losses suffered during 2011 and 2012, with a broad cross-section of perils accounting for insured losses over the two year period.