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December 30, 2004
Property-casualty firms endure tempests of nature — and law
The property and casualty insurance industry weathered major storms — both real and regulatory — this year.
It was one of the worst years for insurance claims. Many insurers, including St. Paul Travelers Cos., ended up being buffeted by those storms.
About 300 catastrophes worldwide this year caused an estimated $42 billion in insurance claims, $105 billion in economic losses, including an estimated 21,000 deaths, according to a Dec. 16 preliminary report by Swiss Re, one of the world's largest reinsurance companies. The death toll will rise to at least 76,000 when the more than 55,000 lives lost in Sunday's tsunamis in Asia are included.
Posted by Tom Troceen