FRANKFURT, Jan 3: Natural catastrophes including the US hurricane Sandy caused $160 billion worth of damage in 2012, the world’s leading reinsurer, Munich Re, estimated on Thursday.

“Last year, natural catastrophes caused $160bn in overall losses and $65bn in insured losses worldwide,” Munich Re said in a statement. About 67 per cent of overall losses and 90 per cent of insured losses were attributable to the US, with the year’s highest insured loss caused by Hurricane Sandy, with an estimated amount of around $25bn, the reinsurer said.

In addition, the US was also hit by severe droughts, as well as tornadoes, it added. Overall, global losses were significantly lower in 2012 than in the previous year, when record figures were posted due to the earthquakes in Japan and New Zealand and severe floods in Thailand, Munich Re continued.

In 2011, overall losses came to $400bn and insured losses to $119bn. In terms of fatalities, about 9,500 people lost their lives in natural catastrophes last year compared with 27,200 in 2011 and a 10-year average of 106,000.

“The relatively small number of fatalities was due to the fact that, in 2012, few severe natural catastrophes occurred in emerging and developing countries, where natural catastrophes tend to have far more devastating consequences in terms of human lives,” Munich Re explained.

Hurricane Sandy made landfall on the east coast of the US on October 29. While at that point, its maximum wind speeds were no more than 150 kilometres per hour, “it was an exceptionally wide storm, measuring 1,800 kilometres in diameter — one-and-a-half times as big as Texas — so that the losses extended over a vast area,” Munich Re said.—AFP