NEW YORK – Guy Carpenter on March 10 issued a document entitled Report: Man-Made Cats Hit USD 7 Billion in 2008 which cites statistics compiled by Swiss Re indicating that insured losses from catastrophes of a manmade and technological nature totaled $7 billion during 2008, some 46 percent higher than the annual average of $4.8 billion.
The report cites 19 events in which insured losses exceeded $50 million and 11 countries which experienced man-made cat losses that ranged from $80 million to $2 billion, including:
· The Apache Energy gas plant explosion and fire in Australia that resulted in loss totaling $1.8 billion
· BHP Billiton business interruption loss from flooding that stopped production at Australian coal mines totaling $1.2 billion
· Severstal steel plant blast furnace explosion in Dearborn, Michigan resulting in loss totaling $400 million
· Universal Studios fire in Los Angeles resulting in loss totaling $400 million
· Channel Tunnel fire in the English Channel resulting in loss totaling $230 million
· ISAB power plant fire in Italy resulting in loss totaling $300 million
· Mumbai terrorist attacks in India, resulting in loss that could total $600 million
Guy Carpenter’s full report can be read online by clicking here.