Magazine article Risk Management

Hindsight

Magazine article Risk Management

Hindsight

Article excerpt

2010 NATURAL CATASTROPHES

Last gear, there were 950 natural catastrophes, making 2010 the second most active gear since 1980. The average gear sees 785 events. Disasters killed an estimated 295.000 people and caused overall losses of $130 billion, $37 billion of which was insured, making 2010 the sixth most intense loss-gear for the industry since 1980. Insured losses in the United States totaled only $13.6 billion, well below the yearly average since 2000 of $25.8 billion.

5 LARGEST INSURED NAT CAT LOSSES (HIGH-END ESTIMATES)

Chile Earthquake/Tsunami
February 27
$8 billion

Europe Winter Storm Xgnthia
February 26-28
$3.1 billion

New Zealand Christchurch Earthquake
April 9
$2.7 billion

U.S. Hail Storm
December 5
$2 billion

U.S. Hail Storm
April 20
$1.6 billion

Source: Munich Re, Swiss Re

Each year, obesity costs Canada and the United States $300 billion, which can be broken down into four parts:

1. Total cost of excess medical care caused by overweight and obesity $127 billion

2. Economic loss of productivity caused by excess mortality $49 billion

3. Economic loss of productivity caused by disability for active workers $43 billion

4. Economic loss of productivity caused by overweight or obesity for totally disabled workers $72 billion

"We can't stand back and ignore the fact that overweight and obesity are drivers of cost increases and detrimental economic effects. It's time for actuaries, the employer community and the insurance industry to take action and help consumers make smart, healthy decisions. …

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