Earthquakes in Chile, New Zealand account for biggest loss in 2010: Guy Carp

Earthquakes in Chile and New Zealand – which cost the re/insurance industry $8 billion and $4 billion, respectively – were the largest sources of loss this year, according to Guy Carpenter & Company. Eight catastrophes caused insured losses of more than $1 billion each. Five of these were related to severe weather and storms in the United States, Australia and Europe, amounting to a total loss of $7.9 billion. The Deepwater Horizon oil rig explosion was the only man-made event to incur losses in excess of $1 billion in 2010.  Floods accounted for significant insured losses of $995 million in France and Central/Eastern Europe.