Table 1: Modeled Catastrophe Losses One in 100 years*


Country Haiti


Haiti


Albania Chile India


Philippines Turkey U.S. U.K.


France Germany


Peril Vulnerability ranking Economic loss (mil. $)


Hurricane Earthquake Earthquake Earthquake


Earthquake and hurricane Earthquake and hurricane Earthquake Hurricane Windstorm Windstorm Windstorm


N/A N/A 104 20


101 110 47 10 12 9 8


8,492 2,293 5,759


22,447


100,422 14,522 44,184 N/A N/A N/A N/A


100.4 27.1


44.6 8.1 5.4 5.3 5.4 N/A N/A N/A N/A


One in 250 years*


% of GDP Economic loss (mil. $


15,338 7,897 8,003


55,586 215,750 24,001 68,001 357,860 37,841 16,984 17,147


Source: Cummins & Mahul (2009), Standard & Poor’s Climate Change Vulnerability Index Rankings, and World Bank. *Modeled probable maximum losses from Cummins & Mahul (2009) were adjusted for inflation to 2013; figures do not estimate exposure growth. N/A =-Not available.


Table 2: Selected Large Historical Catastrophe Losses Event


Tohuku ( Japan) Katrina (U.S.)


Sichuan (China) Kobe ( Japan) Sandy (U.S.) Thailand


Northridge (U.S.) Ike (U.S.) China Chile


Andrew (U.S.)


Year 2011


2005 2008 1995 2012 2011 1994 2008 1998 2010 1992


Peril


Earthquake Hurricane Earthquake Earthquake Hurricane Flooding


Earthquake Hurricane Flooding


Earthquake Hurricane


Source: Munich Re, NatCatSERVICE (2014), World Bank.


Catastrophic Losses Can Affect An Economy In Many Ways


Catastrophic events and the uninsured losses that stem from them can damage economic stability in more ways than just by hindering GDP growth. The World Bank cited studies going back as far as 1995 that support the notion that natural


Global Reinsurance Highlights 2014


disasters can lead to a short-term increase in fiscal deficits as tax revenues fall, as well as an increase in trade deficits as exports decrease while imports rise.


The flow of losses to consumers can also weaken a country’s income generation and exacerbate its income inequality because it affects lower-income consumers’ spending


power more strongly. Additionally, if a government has not put a reserve or other provision in place to act as a rainy day fund, it will have to bear the immediate cost of disaster relief and recovery, which could pose budgetary shocks. Over the longer term, studies have identified associations between disasters and growth


25


Economic loss (mil. $)


235,000 125,000 125,000 100,000 68,500 45,700 42,000 38,000 30,700 30,000 26,500


Insured loss (mil. $)


35,000 66,900 366


3,000


29,500 15,500 15,300 18,500 1,000 8,000 15,700


Insurance/ economic (%)


15 54 0 3


43 34 36 49 3


27 59


Economic loss/ GDP (%)


4.0 1.0 2.8 1.9 0.4


13.2 0.6 0.3 3.0


13.8 0.4


Insurance loss/ GDP (%)


0.6 0.5 0.0 0.1


0.2 4.5 0.2 0.1 0.1 3.7 0.2


% of GDP 181.3


93.4 62.0 20.1 11.5 8.8 8.3 2.1 1.5


0.6 0.5


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