Storms and floods in Europe top catastrophe losses in 2007

An absence of major hurricane activity in the US was offset by Winter Storm Kyrill in Europe and summer floods in the UK

Natural catastrophe losses last year amounted to $75bn, according to calculations by reinsurer Munich Re, though less than half of these - $30bn – were insured. The increase in total losses was of 50%, from $50bn in 2006. But in 2006 losses were low (with only $15bn of insured losses), and well down from the record total losses of $220bn seen in 2005.