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The tragic earthquake and tsunami that devastated Japan in March has come up in virtually every conversation I’ve had at RIMS 2011 Vancouver. Whether we’re talking about the timing of the inevitable market turn or the new era of costly catastrophes or the growing concern over supply chain risks in an increasingly globalized world, the focus [...]
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Swiss Re’s latest sigma study (full report; abstract) reveals that the final economic losses resulting from disasters (both natural and man-made) across the globe in 2010 was $218 billion — a number that dwarfs the $68 billion in damages caused by catastrophes in 2009. With unprecedented flooding, Asia was the region worst hit, with $75 [...]
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A new report from Allianz analyzes the fact that the insurance claims from natural disaster are becoming more expensive. The key reason is not so much that there are more disasters, just more buildings, more development and more insurance. And as parts of the developing world, specifically China and India, continue to become more affluent, [...]
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According to the office of Prime Minister Naoto Kan, the cost of Japan’s rebuilding efforts following the earthquake may exceed $300 billion, which would easily make it the world’s most expensive natural disaster on record. (Hurricane Katrina, with an estimated $125 billion, inflicted the previous-record amount of damage.) There is often a big difference between [...]
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