economic losses News

Swiss Re Sees 2013 Total Disaster Cost at $130B

Swiss Re AG, the second-largest reinsurer worldwide, said natural and man-made catastrophes in 2013 caused $130 billion in economic losses tied to floods, hailstorms and other events. Insured losses fell to $44 billion from $81 billion a year earlier, Swiss …

Toyota to Enter Settlement Negotiations in Unintended Acceleration Suits

After a four-year legal battle, Toyota is entering settlement talks on nearly 400 state and federal lawsuits that allege sudden unintended acceleration problems with its vehicles led to deaths and injuries. Joint motions filed late Thursday in U.S. District Court …

Multiple Billion-Dollar Flood Events Highlight Active August for Natural Catastrophes: Aon Benfield

Billion-dollar flood losses were recorded in China, Russia, Philippines and Pakistan during August, causing an initial combined estimate of $10 billion in economic losses, according to Impact Forecasting’s latest edition of its monthly Global Catastrophe Recap report, which reviews the …

New Model Promises to Quantify Losses Triggered by Power Outages

Total economic losses due to power outages in the United States are estimated to be over $100 billion per year, according to Robin Luo, vice president and blackout model project manager at Hartford Steam Boiler. The main causes of electrical …

Insurers Face up to $4B Payout From May Storm Damage: Aon

The United States were impacted by several severe windstorm events during the month of May, including Moore, Okla., where a catastrophic EF-5 tornado killed 24 people, injured 387 others, and damaged or destroyed up to 13,000 homes and structures. Total …

UN: $2.5 Trillion in Disaster Losses Since 2000

Economic losses from disasters since 2000 are in the range of $2.5 trillion, a figure at least 50 percent higher than previous international estimates, according to a U.N. report released Wednesday. The U.N. Office for Disaster Risk Reduction warned in …

Arkansas Court Affirms $50M Verdict for Rice Farmers

The Arkansas Supreme Court has affirmed a nearly $50 million verdict for farmers who claim they suffered economic losses after genetically altered rice seeds produced by Bayer CropScience contaminated the food supply and hurt their crop prices. Before Thursday’s ruling, …

Report: Stormy Sun Could Knock Out Power Grids

An upcoming cycle of stormy solar activity risks causing damage to electrical transformers and threatening vulnerable energy infrastructure around the globe, a report by an insurance group says. The sun follows a predictable 11 year activity cycle, with the next …

Cat Report: Asia Monsoon Economic Losses Near $7B

Seasonal monsoonal rains triggered significant flooding and landslide events throughout parts of Asia in September totaling nearly $7 billion in economic losses, with China, Thailand, India, Pakistan and Cambodia particularly affected, according to the latest edition of the Monthly Cat …