The Ten Most Costly World Insurance Losses, 1970-2006
Insurance Information Institute: The Ten Most Costly World Insurance Losses, 1970-2006
"ISO defines a catastrophe as an event that causes $25 million or more in insured property losses and affects a significant number of property/casualty policyholders and insurers. The estimates in the following chart represent anticipated insured losses from catastrophes on an industrywide basis, reflecting the total net insurance payment for personal and commercial property lines of insurance covering fixed property, vehicles, boats, related-property items, business interruption and additional living expenses. They exclude loss-adjustment expenses. Losses from catastrophic events declined sharply in 2006 but were nonetheless at their sixth highest level since 1997. The frequency of catastrophes, at 33 events, was the second highest level recorded in a decade."
