Sigma_2_03_engl_US 06.03.2003 16:29 Uhr Seite UM1

sigma

No. 2/2003 Natural catastrophes and man-made disasters in 2002: high flood loss burden

3 Summary

4 Catastrophes in 2002: comparatively low insured losses despite the large burden from floods

9 Floods – a growing challenge for the insurance industry and the state

15 Tables for reporting year 2002

34 Tables on the major losses 1970–2002

36 Appendix: Terms and selection criteria Sigma_2_03_engl_US 06.03.2003 16:29 Uhr Seite UM2

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Telephone +852 25 82 5691 The editorial deadline for this study was Fax +852 25 11 6603 24 January 2003. Authors: sigma is also available in German (original Aurelia Zanetti language), French, Italian, Spanish, Chinese Telephone +41 43 285 2544 and Japanese. Rudolf Enz sigma is available on the Swiss Re website: Telephone +41 43 285 2239 http://www.swissre.com (under “Research & Publications”, Ivo Menzinger (section on floods) “sigma insurance research”) Telephone +49 89 3844 1774 Translation: Swiss Re Group Language Jens Mehlhorn (section on floods) Services Telephone +41 43 285 4304 Graphic design: Swiss Re Media Production Sonja Suter (lists of events) Telephone +41 43 285 5470 © Swiss Re All rights reserved. sigma co-editor: Aurelia Zanetti The content of this sigma edition is subject Telephone +41 43 285 2544 to copyright with all rights reserved. The information may be used for private or Managing editor: internal purposes, provided that any Thomas Hess, Head of Economic Research copyright or other proprietary notices are & Consulting, is responsible for the sigma not removed. Electronic reuse of the data series. published in sigma is prohibited.

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Summary

High property losses from flooding – overall loss burden 2002 below the long-term trend

USD 13.5 billion in insured losses In 2002 losses from natural catastrophes and man-made losses cost non-life insurers USD 13.5 billion across the globe. This was markedly below the previous year‘s level of USD 35 billion.1 While natural catastrophes caused losses of USD 11.4 billion, property losses from man-made disasters totalled USD 2.1 billion. The most costly events were the floods in Europe and the storms in the US.

Almost 24,000 fatalities; USD 42 billion In 2002 sigma recorded 344 events, of which 130 were natural catastrophes in total losses and 214 man-made disasters. Natural catastrophes claimed more than 11,000 lives, of whom 4000 died as a result of floods worldwide. In China almost 1000 people fell victim to flooding; in India and Bangladesh the figure was 800; in Nepal 480; and in Europe 170. Man-made disasters were responsible for 10,000 fatalities worldwide, with 7,300 people dying in transport-related accidents – bus crashes, ferry and plane disasters. Such figures reveal one of the drawbacks of the world’s growing mobility. Total losses arising from recorded events amounted to USD 42 billion, which is significantly below the average figure that has been registered since sigma starting compiling statistics in 1970.

Terrorism threat still exists sigma registered 800 fatalities from terrorist attacks in 2002. Unlike in 2001, the insurance industry did not have to contend with major terrorism-related losses. However, the assaults in Bali and Djerba, Tunisia, which have been laid at the door of international terrorism, indicate that the world must remain ever vigilant.

More intensive rainfall in the 21st century In 2002 floods and storms once again revealed the extent of their high loss – floods presenting a growing challenge potential. As a result of climate change, in the long term, insurers must expect to be confronted by an increasing number of extreme weather events; the reason for this being that it remains extremely probable that many areas of the world will witness an increase in the intensity of rainfall in the 21st century. The increased frequency of climate-related events is accompanied by cyclical changes (eg the appearance of El Niño).

Heavy rainfall and the floods that occur in their wake thus present a growing challenge to the industry. Insurers today have refined methods of assessing their flood exposure. This holds out the promise of considerable development potential for the insurance industry in a number of countries.

1 The insured losses reported in sigma comprise those arising from property and business interruption losses. The selection criteria used in sigma are described in the Appendix on pages 36/37. All the losses from previous years in this study are adjusted for inflation and have been calculated at 2002 prices.

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Catastrophes in 2002: comparatively low insured losses despite the large burden from floods

Persistently high number of catastrophes since the end of the 1980s

344 catastrophes in 2002 sigma recorded 344 large losses in 2002, of which 130 were the result of natural catastrophes and 214 of man-made disasters. This figure is slightly above the average figure that has been recorded by sigma since the end of the 1980s.2 The chronological list of all large losses in 2002 reported by sigma can be found in the Appendix to this study.3 Together with the selection criteria described on pages 36 and 37, these guarantee the transparency of sigma statistics.

Figure 1 250 Number of events 1970–2002

200

150

100

50

0 1970 1975 1980 1985 1990 1995 2000 Natural catastrophes Man-made disasters

24,000 deaths from catastrophes in 2002

11,000 fatalities from natural sigma’s records indicate that there were 344 catastrophes in 2002 in which catastrophes 24,000 people lost their lives – almost 11,000 of these dying as a result of a natural catastrophe. The earthquake of 25 March in Afghanistan alone claimed 2000 lives. When listed by cause, floods claimed the most victims, namely more than 4000 lives.4

13,000 fatalities from man-made Man-made disasters resulted in more than 13,000 fatalities in 2002. The disasters events with the most serious consequences were an arson attack on a train in India, which sparked off social unrest, and the sinking of the Senegalese ferry “Le Joola” off the coast of Gambia on 26 September. Broken down by cause, road catastrophes ranked second across the world, claiming more than 3300 lives.

Table 1 Victims Date (start) Event Country The five worst catastrophes in terms of 2000 27.02.2002 Social unrest after arson attack on train India victims in 20025 2000 25.03.2002 Earthquake (6.0 on the Richter scale) Afghanistan, Pakistan 1863 26.09.2002 Overloaded ferry Le Joola capsizes Gambia 1500 01.12.2002 Cold wave Indian, Bangladesh, Nepal 1460 27.01.2002 Explosion in an army munitions depot Nigeria

2 The improving availability of information distorts the statistics, especially for developing countries, eg with regard to road accidents. 3 See Table 8, Chronological list of all natural catastrophes in 2002, page 17, and Table 9, Chronological list of all man-made disasters in 2002, page 25. 4 See Table 5, List of major losses in 2002 according to loss category, page 15. 5 See Table 7, The 20 most costly insurance losses in 2002, page 16.

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Number of victims claimed by catastrophes since 1970

Compared with the number of victims claimed by catastrophes over the last three decades, 2002 was below average, although the deaths from man- made disasters almost doubled. There are considerable fluctuations in the figures each year, with the major catastrophes having a lasting influence on average rates.

Figure 2 Number* of victims Number of victims 1970–2002 Storm Bangladesh, Earthquake Earthquake Tropical cyclone Peru Tangshan, Gorky, 100000 China Bangladesh

10000

1000 1970 1975 1980 1985 1990 1995 2000

Natural catastrophes Man-made disasters

* A logarithmic scale has been used for the number of victims.

The major catastrophes that have taken place since sigma started compiling statistics number the following: storm and consequential flooding catastrophe in Bangladesh in 1970 with 300,000 fatalities; the earthquake that struck the Chinese city of Tangshan in 1976 with 250,000 fatalities; and Tropical Cyclone Gorky, which hit Bangladesh in 1991 and resulted in 138,000 fatalities.6

Insured losses in 2002 were comparatively low

Insured losses of USD 13.5 billion – In 2002 insured losses from major events amounted to USD 13.5 billion, of of which USD 11.4 billion were due to which USD 11.4 billion were caused by natural catastrophes and USD 2.1 bil- natural catastrophes lion by man-made disasters.

When broken down by cause, storms represented the major burden for prop- erty insurers: storm-related losses reached the USD 6.7 billion mark, account- ing for more than half of the losses caused by natural catastrophes. Floods occupied second place, generating global losses of USD 4.1 billion.7 Accor- ding to sigma statistics, flood-related losses in 2002 were the highest ever. The previous records for flood-related losses also stem from the recent past: USD 2.9 billion in 2000, followed by USD 2.7 billion in 1993.

6 See Table 11, The 40 worst catastrophes in terms of victims 1970–2002, page 35. 7 See Table 5, List of major losses in 2002 according to loss category, page 15.

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Catastrophes in 2002: comparatively low insured losses despite the large burden from floods

Review of the 2002 year of floods

Extremely high water levels in Germany, Together, the flood events that hit wide parts of Europe in August 2002 caused the Czech Republic, Austria and France economic damage of USD 15 billion. They were the result of two pronounced high-altitude, low pressure areas which steered a number of near-surface pressure cells across Europe. During the initial downpour, it was mainly small rivers that proceeded to rapidly overflow their banks. Persistent rainfall in Central Europe finally sent the water levels of major rivers such as the Danube, Elbe, Vltava and Mulde soaring upwards. Germany, the Czech Republic and Austria were the hardest hit by the flooding. Insured losses totalled USD 3.2 billion. Only a short time later, on 8 and 9 September, torrential rain fell in the French region of Languedoc-Roussillon. The extremely rapid rise in water levels generated eco- nomic losses of USD 1.2 billion, of which around USD 0.4 billion were insured.

Storms with extremely heavy rainfall and Economic losses of an estimated USD 4.5 billion were inflicted by Typhoon floods in South Korea Rusa in South and North Korea as well as in parts of Russia. On 31 August 2002 the typhoon had reached the mainland and in less than two days had released up to 900 mm of rain in parts of South and southeastern Korea. Floods and landslides were mainly responsible for the major economic losses, while high wind speeds contributed little to the overall loss burden. At USD 0.13 billion, only a small share of the economic losses was insured.

Europe and the US hardest hit by insured losses in 2002

Europe and the US each carried a 39% In 2002 39% of insured losses were incurred in Europe – with most of this share of global insured losses major contribution to the global loss burden being caused by flooding and by storms Jeanett and Anna. A further 39% of insured losses were registered in the US, most of it being caused by storms. Around 4% of losses were incurred in Asia, which was the region registering more than half of the victims of all the catastrophes recorded by sigma. Africa was home to a quarter of all victims, where catastrophes involving ships, roads, railways as well as explosions pushed the death toll above 6600.

Table 2 Region/ Number in % Victims in % Insured in % Catastrophes in 2002 by region or country country loss in USD m Europe 40 11.6% 1 063 4.5% 5 221 38.5% America 69 20.1% 1 388 5.8% 6 338 46.8% US 30 8.7% 140 0.6% 5 194 38.3% Asia 154 44.8% 14 057 59.1% 647 4.8% Africa 65 18.9% 6 638 27.9% 151 1.1% Oceania 4 1.2% 75 0.3% 66 0.5% Oceans/space 123.5% 574 2.4% 1 131 8.3% World total 344 100.0 23 795 100.0 13 553 100.0

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Insured losses in the industrialised The discrepancy in the loss burden by region in Table 2 highlights the differ- countries – fatalities in the less ences between the industrial countries and the emerging markets. The high developed countries proportion of insured losses in Europe and North America stem from their high insurance densities. At the same time, the comparably low number of victims are proof of the effectiveness of personal protection and rescue measures. Unfortu- nately, the reverse is true for the economically less developed regions, where the low percentage of insured losses indicates that little cover is available to protect against the financial consequences of catastrophes. Moreover, the large number of victims shows that, as far as natural and technical catastrophes such as major fires are concerned, there is a distinct lack of disaster control and of measures for rescuing victims.8

Insured losses since 1970

Figure 3 USD bn, indexed to 2002 Insured losses 1970–2002 (property and business interruption losses) 30

25

20

15

10

5

0 1970 1975 1980 1985 1990 1995 2000

Natural catastrophes Man-made disasters

The trend toward high insured losses The 15-year average of catastrophe losses reported by sigma amounts to from natural catastrophes continues USD 14.6 billion, thereby making the USD 13.5 billion sustained in 2002 unabated slightly below the average for the years 1987–2001. However, losses arising from natural disasters have been at a clearly high but extremely volatile level since the end of the 1980s. The 15-year average for property losses arising from man-made disasters stands at USD 6.1 billion, which means that the loss burden of USD 2.1 billion for 2002 is markedly below the 15-year average.

Total losses in 2002 below average

Total losses arising from catastrophes Economic losses of an estimated USD 42 billion were clearly below the annual amounted to USD 42 billion in 2002 average for the period 1990–2001. Loss figures fluctuate even more than insured losses on a year-by-year basis. Very costly losses usually arise when earthquakes or storms hit densely populated areas in rich countries.

8 See Swiss Re sigma no. 3/1997, pages 11–14. Earlier editions of sigma are available electronically at www.swissre.com, “Research & Publications”, “sigma insurance research”, “sigma archive”.

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Catastrophes in 2002: comparatively low insured losses despite the large burden from floods

For example, the total loss arising from the Great Hanshin earthquake in Kobe in Japan in 1995 reached the USD 97.3 billion mark. Generally, total losses are not on a par with insured losses since insurance penetration varies from region to region. For example, the Kobe earthquake generated insured losses of only USD 2.9 billion.

Table 3 shows the catastrophes with the highest total and insured losses in 2002.

Table 3 Highest total and insured losses in 2002

Date (start) Event Total loss Insured losses Victims Country in USD bn in USD bn 06.08.2002 Severe floods across Europe 12.3 2.5 38 Europe 13.11.2002 Prestige oil tanker breaks asunder 12.0 – – North Atlantic, Spain 31.08.2002 Typhoon Rusa with winds of up to 200 km/h 4.5 0.1 184 South Korea, Russia 31.07.2002 Severe floods caused by heavy rain 3.0 0.7 71 Europe 05.08.2002 Floods and landslides caused by heavy rain 2.2 – 108 China 27.04.2002 Spring storm with several tornadoes – 1.7 6 US 26.10.2002 Storm Jeanett, winds of up to 160 km/h 1.6 0.8 37 Europe 21.09.2002 Hurricane Lili 2.0 0.7 9 Caribbean, Cuba, US 09.11.2002 Tornadoes, thunderstorms, rain and hail – 0.5 36 US

Future threat scenarios for property insurers

The terrorism threat still exists… After 11 September 2001 terrorism took on a new dimension in the public mind. Although the insurance industry had a smaller burden to bear than in 2001, terrorist attacks claimed 800 victims in 2002. For example, the terrorist attack in the Indonesian tourist resort of Bali claimed 190 lives, while the hostage drama in a Moscow theatre claimed a further 169. The attacks in Bali and Djerba, in Tunisia, only underline the latent risk posed by international terrorism.

…but there has been a considerable The potential insured losses arising from terrorist attacks are considerably reduction in potential insured losses lower for insurers and reinsurers in the private sector today than they were prior to September 2001. While the scope of coverage for terrorism-related losses has been limited and reassessed, a number of markets – for example, the US, Germany and France – have introduced new forms of terrorism cover- age in which the state carries a substantial share of the losses.

Floods a hitherto underestimated threat Floods and the devastation that accompanies them are often underestimated. The following section thus examines their loss potential and looks at solutions for insurance covers.

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Floods – a growing challenge for the insurance industry and the state

Floods have long played a subordinate role in the insurance industry – one rated far below earthquakes and storms on the loss scale. However, a new reality has set in in the insurance industry. Given that no continent has remained untouched by major floods over the past few years and that direct insurers have had to contend with new loss records on an almost annual basis in this risk category, the industry has started to rethink its stance. Floods and their insurability have become an important issue, especially for Europe’s insurance associations and the public sector.

A carefully balanced “private-public Developing and introducing comprehensive flood cover is a challenge. The partnership” required only way of factoring in the interests and options open to all those concerned is by creating a carefully balanced private-public partnership. The insurance industry can make its own contribution – and at reasonably priced premiums – towards marshalling the financial burden presented by floods. However, the experience gained with existing solutions in a number of countries has shown that this is possible only as long as the conditions for insurability9 are in place. It falls within the remit of the state to create such conditions that allow the industry to offer comprehensive insurance protection. This includes the exclu- sion of risk zones in town planning, the introduction of construction regulations that reduce the risk to which properties are exposed in endangered areas, the erection of flood barriers and, if necessary, the creation of retention areas. Private flood insurance cover can only work if the state also guarantees that victims are not compensated from general tax revenues and that insurers are allowed to set aside additional reserves.

Floods are a burden on the economy…

Floods play a significant role in natural catastrophe statistics. During the period 1970–2002, the 30% total economic losses sustained by flooding were approximately on a par with those incurred by earthquakes and storms.10

…but only a fraction of their impact appears in insurance statistics

Statistics must assign a cause to each In contrast, according to sigma statistics from the period 1970–2002, only event 10% of the insured natural hazards burden could be attributed to floods, while 70% was attributable to storms. A more detailed examination of the statistics reveals a different picture, however. Statistics such as those presented in the sigma series break down loss events by cause – this inevitable classification can mask, however, the fact that, in the case of a large number of storms, the subsequent flooding actually constitutes the main cause of losses. This applies to an innumerable number of minor events that result in combination with heavy rainfall, winds and/or hail. It also applies to some of the most costly insured loss events witnessed over the past few years, such as Tropical Storm Allison, Typhoon Nari or Hurricane Floyd (see Table 4).

9 See Swiss Re’s focus report “Floods are insurable!”, available at www.swissre.com “Research & Publications”, “Swiss Re publishing”, “Focus reports”. 10 Source: estimates from the Swiss Re sigma catastrophe database.

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Floods – a growing challenge for the insurance industry and the state

Table 4 Events with losses that were predominately the result of floods*

Year Event Insured loss Economic loss Insured annual loss burden in USD billions, in USD billions, from natural catastrophes at 2002 prices at 2002 prices in USD billions, at 2002 prices 1993 Flooding of the Mississippi, US 1.0 15.0 8.6 Christmas floods, Germany/France 0.6 1.1 1994 – – – 22.0 1995 – – – 17.1 1996 – – – 9.4 1997 Floods, eastern Europe 1.1 5.6 4.7 Upper Midwest flooding, US 0.3 1.4 Flooding in Ohio, US 0.20.6 1998 Hurricane Mitch, Central America 0.6 5.5 16.8 1999 Hurricane Floyd, US 2.6 7.6 29.7 2000 Autumn floods, UK 1.1 4.7 8.5 Tokai floods, Japan 1.0 7.8 Floods, Italy/Switzerland 0.5 5.7 2001 Tropical Storm Allison, US 3.2 5.1 10.5 Typhoon Nari, Taiwan 0.6 0.8 2002 Floods, Europe 3.2 15.0 11.4 Floods, France 0.4 1.0

* Only the five most expensive natural catastrophes have been taken into consideration from the annual sigma loss statistics between 1993 and 2002.

New classification of “wet storms” makes If the losses caused from flooding in the aftermath of the storms presented in the loss potential of floods evident Table 4 were reclassified as losses due to floods, the breakdown of the loss causes of the natural catastrophes witnessed since 1998 would look as follows:

Figure 4 USD bn, indexed to 2002 Insured losses from natural catastrophes 1970–2002, reclassifying “wet storms” as “floods” 20 000

15 000

10 000

5000

0 1998 1999 2000 2001 2002

Original flood New flood Original storm New storm

Source: Swiss Re sigma catastrophe database, Swiss Re Cat Perils estimates

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Insurance cover – relief for the economy; development potential for the insurance industry

High economic losses caused by floods Economic losses, which are significantly higher than insured losses, can be attributed in some areas to the low penetration of flood cover. The risk of flooding thus holds out the promise of considerable development potential for insurers in many countries. As already mentioned, this potential can only be capitalised on if the underlying conditions of insurability are in place.

If comprehensive flood insurance is introduced, this risk category will sooner or later be reflected realistically in insurance loss statistics. The insured loss potential from flooding will in all probability be of a similar magnitude to storms in Europe, for example.

New developments in risk assessment

Flooding risk can be predicted a lot more Thanks to new methods and modern technology, the insurance industry’s accurately today exposure to flooding can usually be assessed with a high degree of accuracy today, thereby fulfilling an essential condition for the insurability of flood risks. However, the risk analysis requires a lot of time and data. Furthermore, the necessary data for a lot of countries are available but are very often difficult to come by. For this reason, it is sometimes a good idea to finance such projects collectively, for example, in collaboration with national insurance associations.

Swiss Re has developed new approaches to assessing flood hazard which are based on precise and high resolution digital terrain models.

On the one hand, they comprise a statistical technique (patent pending) which can be used – on the basis of digital terrain models – to efficiently pinpoint zones that are exposed to flooding.

Figure 5 Example of a visualisation of zones exposed to flooding Zone 2 River

Zone 1

On the other hand, these approaches involve the use of a so-called probabi- listic11 model which, employing a complex hydraulic model, can simulate thousands of artificial flood events.

11 Simulation of the total range of possible events taking into account the scientifically calculated extreme value distributions of individual risk parameters.

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Floods – a growing challenge for the insurance industry and the state

Effects of climate change

Increase in the intensity of precipitation A much debated question is the influence of climate change on the frequency across many areas “extremely likely” and intensity of extreme rainfall. The third report of the Intergovernmental Panel on Climate Change (IPCC, 2001) views an increase in the intensity of rainfall in the 21st century as “extremely likely in a lot of areas” based on observations and model simulations. More recent publications12 confirm this assessment in its essential points.

The floods of August 2002 were taken in isolation as evidence of climate change. As climate is a statistical value – the long-term average of all weather events – individual events can in principle not be taken as proof or as disproof of a statement on climate change. Nevertheless, the increasing number of floods witnessed recently are consistent with developments that climatologists expect to find in a warmer climate.

Cyclical changes should also be taken into account – independent of the fore- casted trends. Loss analyses of floods since 1875 have indicated repeated cases of cyclical changes in the frequency of extreme events whose cause cannot always be satisfactorily explained at regional level. Studies carried out on the “El Niño Southern Oscillation” (ENSO) or the “North Atlantic Oscillation” (NAO) reveal that shifts in the interaction between the ocean and the atmos- phere have a major influence on regions that are far-removed from these phenomena.

Figure 6 Example of the cyclical occurrence of flooding in Switzerland: 1875–2001

Number of events

10

8

6

4

2

0 1800 1825 1850 1875 1900 1925 1950 1975 2000

serious (248): CHF 2–20 million very serious (82): CHF 20–100 million catastrophic (57): in excess of CHF 100 million Estimates for economic losses, at 2002 prices

12 “Quantifying the risk of extreme seasonal precipitation events in a changing climate”, T.N. Palmer, J. Räisänen, Nature, Vol. 415, 2002; “Increasing risk of great floods in a changing climate”, P.C.D. Milly, R.T. Wetherald, K.A. Dunne, T.L. Delworth, Nature, Vol, 415, 2002.

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In future the insurance industry should attribute just as much importance to cycles as it does to trends in its risk assessments.

The main causes of the increase in Focussing exclusively on climate change as the cause of rising losses from insured losses: more insured values, natural perils would be ill-advised as it might tempt society and the insurance population of exposed regions industry to ignore the many possibilities presented today of having a direct influence on the issue – in addition to the necessary but albeit only long-term effect of climate protection measures. The main causes of the rise in insured losses that has been witnessed over the past 30 years are the increase in insured values, their concentration in highly exposed areas and their high susceptibility to external influences. Taking action at town planning level to avoid the population of especially exposed regions, making constructive adjustments to reduce the susceptibility of buildings to damage, creating flood retention areas or implementing protective building construction measures are but a few examples of action that will have a direct impact. The insurance industry can also take control of this issue – via premiums that are commensu- rate with risk, for example – and thus contribute to the increase in the popu- lation’s awareness of danger and thereby to the reduction in the loss burden.

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Tables for reporting year 2002

Table 5 List of major losses in 2002 according to loss category

Number as %13 Victims14 as %13 Insured loss15 as %13 (in USD m) Natural catastrophes 130 37.8% 10 729 45.1% 11 423 84.3% Floods 57 4 098 4 113 Storms 35 959 6 654 Earthquakes 16 2 801 Droughts, bush fires 7 1 094 120 Cold, frost 4 1 610 Other natural catastrophes 11 167 537

Man-made disasters 214 62.2% 13 066 54.9% 2 130 15.7% Major fires, explosions 27 7.8% 2 111 8.9% 935 6.9% Industry, warehouses 14 1 562915 Oil, gas 1 23 Hotels 1 50 Department stores 1 20 Other buildings 6 195 Other fires, explosions 4 281

Aviation disasters 17 4.9% 1 158 4.9% 453 3.3% Crashes 14 1 087 78 Explosions, fires Damage on ground Air collisions 1 71 38 Space 2 337 Other aviation accidents

Shipping disasters 32 9.3% 2 822 11.9% 702 5.2% Freighters 5 5 391 Passenger ships 23 2 747 211 Tankers 241 16 Drilling platforms Other shipping accidents 229 84

Road/rail disasters 96 27.9% 3 322 14.0% Buses, trucks 75 2 157 Trains 19 1 129 Major pile-ups 236 Other traffic accidents

Mining accidents 18 5.2% 675 2.8%

Collapse of buildings/bridges 2 0.6% 53 0.2%

Miscellaneous major losses 22 6.4% 2 925 12.3% 40 0.3% Social unrest 15 2 000 40 Terrorism 2793 Other major losses 7 132

Total 344 100.0% 23 795 100.0% 13 553 100.0%

13 Percentage share of event group in total 14 Dead and missing 15 Property and business interruption losses, excluding life and liability insurance losses

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Tables for reporting year 2002

Table 6 The 20 most costly insurance losses in 2002

Insured loss16 (in USD m, indexed to 2002) Victims17 Date (start) Event Country 2 500 38 06.08.2002 Severe flooding Europe 1 67518 6 27.04.2002 Spring storm with several tornadoes US 845 37 26.10.2002 Storm Jeanett Europe 700 71 31.07.2002 Rainfall triggers serious flooding Europe 650 9 21.09.2002 Hurricane Lili Caribbean, US 474 163 14.09.2002 Tropical Storm Isidore Caribbean, Mexico, US et al 460 36 09.11.2002 Tornadoes, storms, rain and hail US 398 23 08.09.2002 Heavy rainfall results in flooding France 360 30 04.12.2002 Winterstorm US 300 22 30.01.2002 Winterstorms US 300 3 26.02.2002 Winterstorm Anna Germany, UK 290 – 26.11.2002 Failed launch of Astra 1K satellite Kazakhstan, space 270 – 14.12.2002 Tornadoes and hail US 210 – 08.03.2002 Storm, tornadoes and hail US 175 – 20.09.2002 Tornadoes; windspeeds up to 200 km/h US 165 – 24.04.2002 Strong winds, hail and tornadoes US 160 – 10.06.2002 Hail, strong winds and tornadoes US na 5 19.02.2002 Explosion in a steelworks Mexico na – 01.10.2002 Fire on board luxury cruise ship Diamond Princess Japan na 1 11.11.2002 Fire on Hanjin Pennsylvania container ship Sri Lanka

16 Property and business interruption losses, excluding life and liability insurance losses 17 Dead and missing 18 Figures for natural catastrophes in the US by courtesy of the Property Claims Service (PCS)

Table 7 The 20 worst catastrophes in terms of victims in 2002

Insured loss19 (in USD m, Victims20 indexed to 2002) Date (start) Event Country 2 000 40 27.02.2002 Social unrest following an arson attack on a train India 2 000 – 25.03.2002 Earthquake (6.0 on the Richter scale) Afghanistan, Pakistan 1 863 – 26.09.2002 Overcrowded ferry Le Joola sinks Gambia 1 500 – 01.12.2002 Cold spell with temperatures around freezing point India, Bangl., Nepal 1 460 – 27.01.2002 Explosion in a munitions depot Nigeria 1 037 – 06.05.2002 Heat wave with temperatures up to 49° Celsius India 771 – 01.06.2002 Flooding after rains; landslides China 503 – 21.06.2002 Heavy rainfall results in flooding India, Bangladesh 422 – 15.07.2002 Floods, landslides Nepal 361 – 20.02.2002 Passenger train catches fire at night Egypt 325 – 17.04.2002 Floods, dam breach; MV Salauddin capsizes Bangladesh 305 – 22.06.2002 Earthquake (6.3 on the Richter scale) Iran 281 – 24.06.2002 Passenger train collides with a goods train Tanzania 225 20 25.05.2002 Crash of China Airlines B747-209SF Taiwan, South China Sea 215 – 20.11.2002 Riots due to the Miss World contest Nigeria 205 – 25.05.2002 Collision between a passenger train and a goods train Mozambique 190 – 12.10.2002 Car bomb explodes in front of a night club Indonesia 184 130 31.08.2002 Typhoon Rusa South Korea 169 – 26.06.2002 Floods following monsoon rains India 169 – 23.10.2002 Hostage crisis in a theatre Russia

19 Property and business interruption losses, excluding life and liability insurance losses 20 Dead and missing

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Table 8 Chronological list of all natural catastrophes in 2002

Floods

Date Country Event No. of victims/amount of damage Place in original currency (in USD) 1.1.–6.1. Philippines Floods caused by torrential rain 9 dead 95 000 homeless 8.1.–11.1. Indonesia Landslides and floods caused by heavy 18 dead, at least 3 missing southern Sumatra rain 9.1.–11.1. Senegal Heavy rain and cold wave; 28 dead Podor, Dagana, 470 000 head of livestock lost 80 000 homeless Matam, Louga 27.1.–11.2. Indonesia Floods caused by torrential rain 157 dead Jakarta, Bali, 750 injured Buleleng, Sampa 300 000 homeless USD 200m total damage 5.2.–14.2. Peru Floods and landslides caused by 8 dead Lima torrential rain 10 000 homeless 19.2.–20.2. Bolivia Powerful thunderstorm triggers flooding 69 dead La Paz 150 injured USD 60m total damage 1.3.–10.4. Ecuador Floods and landslides triggered by 23 dead Bolivar, Canar, El Oro, torrential rain 6 000 homeless Esmeraldas, Guayas, Los Rios, Manabi 17.3.–23.3. United States Floods and mudslides triggered by 7 dead KY, TN, VA heavy rain USD 76m total damage 31.3.–1.4. Spain Flash floods and mudslides caused by 6 dead Santa Cruz heavy rain 50 injured USD 87m total damage 1.4. Papua New Guinea Landslide caused by heavy rain 9 dead, 27 missing Morobe, Kobung 11 injured 4.4.–6.4. Afghanistan Floods caused by torrential rain 39 dead Fariab, Deh Miran 16.4. United States Thunderstorms, heavy rain and hail USD 101–300m PCS insured damage TX 16.4.–20.4. Ethiopia Floods caused by heavy rain; Awash 22 dead Afar, Haraghe River bursts its banks 4 000 homeless 17.4.–3.5. Bangladesh Flash floods and rainstorms; breach of 325 dead Gaibanda, Jamalpur Badertek dam; MV Salauddin capsizes 400 injured on Meghna River 7 000 homeless 26.4.–17.5. Kenya, Uganda, Heavy rains caused by unusually high 162 dead Rwanda, Tanzania temperatures over the Indian Ocean 8 injured 168 000 homeless 17.5.–15.6. Chile Floods caused by torrential rain 9 dead, 8 missing Santiago, Lagos, 44 000 homeless Valparaiso USD 40m insured damage USD 200m total damage 20.5.–2.6. Jamaica, Haiti, Floods caused by torrential rain 38 dead Panama, Honduras, USD 40m total damage Nicaragua 1.6.–27.6. China Floods caused by torrential rain; 471 dead, 300 missing Sichuan, Shaanxi, landslides; 2.6m hectares of farmland 4 injured Gansu, Xinjiang, destroyed 320 000 homeless Guizhou, Hubei, USD 2.16bn total damage Guangxi, Hunan 4.6. Syria Floods caused by collapse of Zayzun 22 dead Ghab Valley, Hamah dam; 8000 hectares of farmland flooded 8 000 homeless

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Tables for reporting year 2002: Chronological list of all natural catastrophes

6.6.–7.6. Switzerland, Thunderstorms with heavy rain 8 dead Germany, Italy, USD 100m total damage France, Austria 6.6.–12.6. Honduras Floods and landslides caused by heavy 7 dead, 3 missing Tegucigalpa rain USD 100m total damage 20.6.–27.6. Russia Floods caused by torrential rain; over 114 dead Savropol, Krasnodar, 11 000 houses destroyed 86 000 homeless Karachayevo-Cherkes- USD 466m total damage skaya, North Ossetia, Chechnya, Kabardino-Balkaria 21.6.–20.8. India, Bangladesh Flash floods caused by heavy monsoon 503 dead West Bengal State rains 1 500 000 homeless 26.6.–1.7. India Floods caused by heavy monsoon rains 169 dead Maharashtra, Gujarat 28 000 homeless 30.6.–7.7. United States Severe floods caused by torrential rain 9 dead TX, Guadalupe, San USD 101–300m PCS insured damage Antonia USD 1 000m total damage 3.7.–10.7. Micronesia, Guam, Floods and landslides caused by 39 dead Philippines, Japan typhoon Chata’an 100 injured Chuuk USD 60m total damage 15.7.–31.10. Vietnam, Cambodia Floods caused by torrential rain 164 dead 150 000 homeless USD 23m total damage 15.7.–15.8. Nepal Floods and landslides triggered by 422 dead Makawanpur, monsoon rains 32 000 homeless Khotang, Rautahat, Chitwan, Nawalparasi, Mohattari 20.7.–24.7. Venezuela Floods caused by heavy rain 8 dead Apure, Amazonas 40 000 homeless 21.7.–29.7. China Floods caused by heavy rain 29 dead, 11 missing Xinjiang, Altay, Aksu, USD 20m total damage Illi, Hotan 23.7.–25.7. Turkey Floods and landslides triggered by 26 dead, 18 missing Rize, Mus, Kars, heavy rain Tokat, Corum 31.7.–11.8. Great Britain, Italy, Severe floods caused by heavy rain 71 dead Germany, Czech USD 700m insured damage Republic, Austria, USD 3bn total damage Romania, Ukraine, Russia, Bulgaria, Slovakia 1.8.–31.10. Thailand Floods caused by prolonged torrential 85 dead Northern and rain; 930 000 hectares of farmland USD 157m total damage northeastern flooded provinces 4.8.–12.8. South Korea Floods and landslides 31 dead Gangwon, North USD 345m total damage Chungcheong, Gyeonggi 5.8.–20.8. China Floods and landslides caused by heavy 108 dead Hunan, Chenzhou, rain 100 000 homeless Hengyang, Yongzhou, USD 2.2bn total damage Zhuzhou 6.8.–26.8. Germany, Great Severe floods across Europe 38 dead Britain, Spain, USD 2.5bn insured damage Austria, Czech USD 12.3bn total damage Republic, Slovakia

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7.8. Tadjikistan Mudslide causes dam breach 24 dead Roshkalinsky, Dasht 11.8. India Landslides caused by torrential rain 33 dead Bihar, Assam, 50 injured Manipur, Uttranchal INR 961m (USD 20m) total damage 11.8.–13.8. Iran Torrential rain and flash floods 51 dead Golestan, Galikesh, USD 4m total damage Kalaleh 11.8.–15.8. Philippines Floods and landslides caused by heavy 26 dead, 30 missing Rizal, Negros Island rain 14.8.–27.8. China Landslides caused by heavy rain 40 dead, 23 missing Hunan, Yunnan, 33 injured Xinping 15.8.–20.8. Mexico Heavy rain causes dam breach 14 dead San Luis Potosi, 11 500 homeless Zacatecas, Durango, La Ventilla, El Capulin 15.8.–17.8. China Landslides triggered by torrential rain; 21 dead, 8 missing Zhejiang, Jinhua, 4210 houses destroyed, 6400 hectares Quzhou, Lishui of farmland flooded 16.8.–20.8. Vietnam Floods caused by heavy rain 30 dead Ha Giang, Lao Cai, 18 injured Tuyen Quang 17.8.–27.8. Algeria Floods caused by heavy rain 43 dead Mila 21.8. Nepal Landslide caused by torrential rain 41 dead Ramechhap, Thapra 6.9.–8.9. United States Thunderstorms with heavy rain and USD 25–100m PCS insured damage UT, AZ flooding 8.9.–10.9. France Floods caused by torrential rain 23 dead Gard, Hérault, EUR 400m (USD 398m) insured damage Vaucluse EUR 1.20bn (USD 1.19bn) total damage 12.9. China Landslide buries construction workers 16 dead, 6 missing Hubei, Xianfeng 13.9. China Tropical Storm Hagupit; 159 villages 25 dead Jiangxi, Suichuan inundated, 110 000 hectares of farmland submerged 13.9. Guatemala Landslide caused by heavy rain 32 dead El Porvenir 18.9.–24.9. Vietnam Floods and landslides caused by 65 dead Ha Tinh, Nghe An torrential rain USD 59m total damage 29.10. Colombia Landslides caused by heavy rain 70 dead El Dorado, Canonico, 2 000 homeless San Mateo 17.11.–26.11 Morocco Flash floods caused by heavy rain; fire at 37 dead, 11 missing Settat, Berrechid, Fes, oil refinery 17 injured Mohammedia USD 150m insured damage 21.11.–27.11 Italy, Switzerland Floods and landslides caused by heavy 1 dead rain USD 441m total damage 8.12.–9.12. Brazil Floods and mudslides caused by 34 dead, 40 missing Rio de Janeiro State, torrential rain 1 500 homeless Angra Dos Reis USD 11m total damage 11.12. Indonesia Mudslide caused by heavy rain 31 dead Java

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Tables for reporting year 2002: Chronological list of all natural catastrophes

Storms

Date Country Event No. of victims/amount of damage Place in original currency (in USD) 27.1.–29.1. Switzerland, Winter storm Jennifer with winds of up to 18 dead Germany, 160 km/h; floods 8 injured Netherlands, Great USD 100m insured damage Britain, Ireland, USD 1.46bn total damage Norway, Sweden, Denmark, Poland, Czech Republic 30.1.–1.2. United States Winter storm 22 dead IL, IN, KS, MO, NY, USD 101–300m PCS insured damage OH, OK 6.2.–7.2. Dem. Rep. of Congo Storms and heavy rain cause flash floods 7 dead, 20 missing Uvira 26.2.–27.2. Germany, Great Winterstorm Anna; winds of up to 180 km/h 3 dead Britain USD 300m insured damage USD 500m total damage 8.3.–10.3. United States Winds of up to 130 km/h, tornadoes and USD 101–300m PCS insured damage IA, IL, IN, KS, KY, MI, hail MO, NY, OH, PA, WV 19.3.–20.3. USA Strong wind, thunderstorms, heavy rain, 4 injured TX floods USD 101–300m PCS insured damage 21.3.–25.3. Philippines Tropical Storm Caloy with strong winds 28 dead, 35 missing Visayas, Suriago, and huge waves USD 1m total damage Cebu 3.4. India Cyclonic storm 9 dead West Bengal, Nadia, 50 injured North 24 Parganas 5 000 homeless 6.4.–8.4. United States Tornadoes, hail and torrential rain USD 25–100m PCS insured damage LA, MS, TX 24.4.–25.4. United States Strong winds, hail and tornadoes USD 101–300m PCS insured damage IL, MS 27.4.–3.5. United States Spring storm with several tornadoes 6 dead MD, GA, IL, IN, KS, 100 injured KY, MO, NY, OH, PA, USD 1001–3000m PCS insured damage TN, VA, WV 7.5.–9.5. United States Strong winds and hail USD 25–100m PCS insured damage IL, KS, MO, NE, WI 10.5.–12.5. Oman Tropical cyclone 2 dead 63 injured USD 50m total damage 11.5.–12.5. Madagascar Tropical Cyclone Kesiny 41 dead, 30 missing Toamasina, Antsiranana, Mahaja 15.5. India Passenger train derails during cyclone 2 dead Madhya Pradesh, 90 injured Chhindwara 27.5. India Heavy rain and strong gusts 21 dead Uttar Pradesh, Etawah 70 injured 30.5.–1.6. United States Numerous severe thunderstorms 1 dead CT, MA, MI, NH, NJ, 47 injured NY, OH, PA, WI USD 101–300m PCS insured damage 3.7.–7.7. China, South Korea, Typhoon Rammasun with winds of up to 10 dead Taiwan, Japan 160 km/h 40 injured USD 94m total damage 10.7. Germany Thunderstorm with winds of up to 7 dead Berlin, Brandenburg 152 km/h 13 injured USD 100m total damage 14.7.–15.7. United States Thunderstorms, storms, floods USD 25–100m PCS insured damage AZ

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2.8.–3.8. United States Thunderstorms with strong winds and USD 101–300m PCS insured damage DE, MD, NJ, NY, PA, large hail VA 31.8.–3.9. South Korea, Russia, Typhoon Rusa with winds of up to 124 dead, 60 missing Kangwon, Kyongsang 200 km/h USD 130m insured damage Sakhalin Island USD 4.50bn total damage 4.9.–8.9. Japan, Taiwan, China Typhoon Sinlaku 26 dead 18 injured USD 417m total damage 9.9.–10.9. South Africa Tornado destroys six villages 1 dead Limpopo, Mapela 66 injured USD 9m total damage 14.9.–26.9. Caribbean Sea, Tropical Storm Isidore 12 dead, 151 missing Jamaica, Grand 300 000 homeless Cayman, Cuba, USD 474m insured damage Mexico, Gulf of USD 740m total damage Mexico, Nicaragua, Guatemala, El Salvador, United States 20.9. United States Tornadoes; winds of up to 200 km/h USD 101–300m PCS insured damage IN, KY, OH 21.9.–4.10. Barbados, Hurricane Lili 9 dead St Vincent/Gren., St 4 injured Lucia, Jamaica, Grand USD 650m insured damage Cayman, Cuba, United States USD 2bn total damage Gulf of Mexico Trinity Ville, St Thomas 27.9. Sudan Thunderstorm sinks boat and topples 33 dead Khartoum Ferris wheel 22.10.–26.10 Mexico, South Pacific Hurricane Kenna with winds of up to 3 dead Jalisco, Nayarit 225 km/h 200 injured USD 96m total damage 26.10.–28.10 Germany, France, Storm Jeanett with winds of up to 37 dead Great Britain, 160 km/h 80 injured Belgium, USD 845m insured damage Netherlands, USD 1.58bn total damage Denmark, Austria, Poland, Czech Republic, Switzerland 9.11.–10.11. United States Tornadoes, thunderstorms, rain and hail 36 dead AL, GA, KY, MS, OH, 115 injured PA, TN USD 301–600m PCS insured damage 12.11.–13.11 Indian Ocean, India, Strong winds and heavy rain 17 dead, 132 missing Bangladesh 4.12.–5.12. United States Winter storm 30 dead NC, NY, PA, SC, VA USD 301–600m PCS insured damage 14.12.–19.12 United States Tornadoes and hail 50 injured AR, CA, KS, LA, MO, USD 101–300m PCS insured damage MS, NV, OR 19.12.–20.12 China Tornado with thunderstorms and hail 5 dead, 21 missing Guandong, Zhanjiang 110 injured USD 33m total damage

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Tables for reporting year 2002: Chronological list of all natural catastrophes

Earthquakes

Date Country Event No. of victims/amount of damage Place in original currency (in USD) 9.1. Tadjikistan Earthquake (7.0 on the Richter scale) 3 dead Roghun 54 injured 17.1. Dem. Rep. of Congo Eruption of Nyiragongo volcano; one 150 dead Goma third of city damaged or destroyed 60 000 homeless USD 9m total damage 3.2. Turkey Earthquake (6.0 on the Richter scale); 44 dead Afyon, Sultandagi 600 buildings destroyed 318 injured 3.3.–6.3. Afghanistan, India, Earthquake (7.2 on the Richter scale); 150 dead Pakistan, Uzbekistan, floods and landslides 31 injured Tadjikistan 6.3.–10.3. Philippines Earthquake (6.8 on the Richter scale); 15 dead South Cotabato, landslides 100 injured Sarangani, General Santos 25.3. Afghanistan, Pakistan Earthquake (6.0 on the Richter scale) 2 000 dead Nahrin, Baghl 3 000 injured 20 000 homeless 31.3.–1.4. Taiwan Earthquake (6.8 on the Richter scale); 5 dead Taipei floods aftershocks (4.8 and 4.5 Moment 200 injured magnitude) 12.4. Afghanistan Earthquake (5.8 on the Richter scale); 50 dead Baghlan, Doabi, Khoja village of Doabi completely destroyed 150 injured Khesir 24.4. Yugoslavia, Earthquake (5.5 on the Richter scale) 1 dead Macedonia, Bulgaria 100 injured 25.4. Iran Earthquakes (4.9 and 3.9 on the Richter 2 dead Kermanshah, Sahneh, scale); up to 30 aftershocks; 10 villages 65 injured Sonqor-e Kolyaie destroyed, 50 extensively damaged 25.4. Georgia Earthquake (5.8 on the Richter scale) 7 dead Tbilisi 10 injured USD 120m total damage 22.6. Iran, Qazvin, Earthquake (6.3 on the Richter scale); 305 dead Bou’in-zahra 9500 houses destroyed 1 300 injured Hamedan, Zanjan 12 000 homeless USD 300m total damage 6.9. Italy Earthquake (5.6 on the Richter scale) USD 500m total damage Sicily, Palermo 31.10. Italy Earthquake (5.4 on the Richter scale) 29 dead Molise, San Giuliano topples school and church 19 injured di Puglia 10 000 homeless EUR 800m (USD 796m) total damage 1.11.–3.11. Pakistan Earthquake (5.6 on the Richter scale); 17 dead Diamir, Muthat, Jeel, several aftershocks 65 injured Tato 21.11. Pakistan Earthquake (5.5 on the Richter scale) 23 dead Karakorama Mountains 17 injured

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Drought, forest fires

Date Country Event No. of victims/amount of damage Place in original currency (in USD) 1.3.–15.8. Vietnam Unusually prolonged drought causes USD 199m total damage Dac Lac, Ninh Thuan, great loss to agricultural crops Binh Thuan 1.5.–1.12. Australia Worst drought on record USD 2bn total damage NSW, Queensland, Victoria 6.5.–20.5. India Heat wave; temperatures of up to 1 037 dead Andhra Pradesh 49 degrees Celsius 1.6.–30.10. China Drought affects 3.18 million hectares of USD 1.21bn total damage Shandong farmland; 3.66 million people in need of water 1.6.–25.7. Algeria Heat wave with temperatures of up to 32 dead Tamanrasset, In Salah 50 degrees Celsius 23.6.–28.6. United States Wildland fires; 400 000 acres of forest USD 101–300m PCS insured damage AZ land burnt, 423 residences destroyed 1.8.–19.8. Sudan Heat wave with temperatures of up to 25 dead Port Sudan 50 degrees Celsius 130 injured

Cold, frost

Date Country Event No. of victims/amount of damage Place in original currency (in USD) 1.3.–3.3. United States Snow and freezing rain; temperatures of 23 dead IL, MI, TX, WI –28 degrees Celsius 1.7.–22.7. Peru, Bolivia Cold wave with sub-zero temperatures 65 dead 963 injured 22.7.–23.7. South Africa Heavy snowstorm and related 22 dead Eastern Cape, floodwaters Kwazulu-Natal 1.12.–17.1. India, Bangladesh, Cold wave with temperatures falling to 1 500 dead Nepal near freezing Uttar Pradesh, Bihar

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Tables for reporting year 2002: Chronological list of all natural catastrophes

Other natural catastrophes

Date Country Event No. of victims/amount of damage Place in original currency (in USD) 12.1.–13.1. Thailand Hailstorm; damage to buildings and 1 dead Chiang Rai agriculture 100 injured 2 604 homeless USD 2m total damage 3.4.–10.5. Vietnam Hailstorm destroys 2000 hectares of 5 dead Vinh Phuc, Phu Tho, farmland 63 injured Binh Phuoc 26.5.–29.5. United States Hail, strong winds and tornadoes USD 25–100m PCS insured damage TX 10.6.–16.6. United States Hail, strong wind and tornadoes USD 101–300m PCS insured damage CO, IA, KS, MO, NE, OK, TX 23.6.–24.6. Switzerland Hail damages buildings and some crops CHF 84m (USD 57m) insured damage CHF 79m (USD 53m) total damage 19.7. China Hail and fierce winds 15 dead Henan, Zhengzhou 200 injured 4.8. Italy Hailstorm; severe damage to 20 injured Lombardy, Veneto, agriculture, cars and buildings USD 296m total damage Friuli, Liguria 26.8.–28.8. United States Thunderstorms, hail USD 101–300m PCS insured damage CO, SD, WY 21.9. Russia Landslide caused by falling chunk of 16 dead, 120 missing North Ossetia, glacier Karmadon Gorge 24.11. Zimbabwe Lightning bolt strikes members of sect 10 dead St Mary’s, during worship service 61 injured Chitungwiza 23.12.–25.12 United States Hail and tornadoes USD 101–300m PCS insured damage AL, FL, GA, LA, MS, NC, TX

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Table 9 Chronological list of all man-made disasters in 2002

Major fires, explosions

Date Country Event No. of victims/amount of damage Place in original currency (in USD) 27.1. Nigeria Explosion at an army munitions depot 1 000 dead, 460 missing Lagos 4 000 homeless 14.2. Great Britain Fire at Europe’s largest immigration 6 injured North Bedfordshire centre USD 141m total damage 19.2. Mexico Explosion at steel plant 5 dead Michoacan, Lázaro 2 injured Cárdenas Insured damage na 24.3. Italy Fire at steel plant Insured damage na Turin 11.4. South Pacific, Explosion on board passenger and 42 dead, at least 111 missing Philippines cargo ferry MV Maria Carmela 70 injured 24.4. Germany Fire at foundry Insured damage na Mannheim 8.5. United States Boiler explosion at paper mill Insured damage na NC, Plymouth 24.5. India Fire at two-storey shoe factory 41 dead Agra 10 injured 2.6. Australia Fire at bakery Insured damage na NSW, Fairfield 16.6. China Fire at Internet café 25 dead Beijing, 13 injured Haidian District 24.6. Brazil Fireworks explode during celebration 1 dead Bahia, Cruz Das 158 injured Almas 7.7.–8.7. Indonesia Fire at karaoke bar 53 dead Sumatra, Palembang 20.7. Peru Fire at unlicensed nightclub 30 dead Lima 100 injured 9.8. Afghanistan Explosion at warehouse 11 dead Jalalabad 90 injured 19.8. United States Fire destroys luxury shopping and USD 20m insured damage CA, San Jose housing complex USD 90m total damage 1.9. Taiwan Fire at printed circuit manufacturer Insured damage na Hunan, Chungho 16.9. Nigeria Fire at rubber factory 29 dead Odogunyan, Ikorodu 7 injured 24.9. India Fire at match factory 8 dead Tamil Nadu, 54 injured Murukkumeendanpatt 17.10. Great Britain Fire at engineering firm’s warehouse Insured damage na Aberdeen, Dyce 28.10.–29.10 Germany Explosion at chemical factory Insured damage na Pullach 29.10.–30.10 Vietnam Fire at six-storey commercial building 60 dead Ho Chi Minh City 90 injured 1.11. Morocco Fire at prison 49 dead El Jadida 90 injured 20.11. Ecuador Explosions at munitions store at military 8 dead Riobamba base 300 injured 30.11. Venezuela Fire at overcrowded nightclub 50 dead Caracas 20 injured 30.12. Iran Prison fire 27 dead Goleastan, Gorgan 50 injured 31.12. Mexico Illegal fireworks explode 28 dead, 50 missing Veracruz 41 injured

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Tables for reporting year 2002: Chronological list of man-made disasters

Aviation disasters

Date Country Event No. of victims/amount of damage Place in original currency (in USD) 17.1. Colombia A Fairchild 227 crashes into jungle 26 dead El Tigre Mountains 27.1. Angola An Antonov-12 crashes on approach 30 dead Luena 28.1. Colombia A TAME Boeing 727-134 crashes on 92 dead Ipiales approach USD 2m insured damage 12.2. Iran An Iran AirTours TU 154 crashes in poor 117 dead Khorramabad weather conditions USD 4m insured damage 15.4. South Korea An Air China Boeing 767-200 ER 127 dead, 2 missing Pusan crashes into mountainside 37 injured USD 27m insured damage 18.4. Italy A Rockwell Commander 112TC crashes 3 dead Milan into 30-storey building 60 injured USD 2m insured damage USD 31m total damage 4.5. Nigeria An EAS Airlines BAC 111 crashes shortly 153 dead Kano after take-off into residential area 1m USD insured damage 7.5. China, North Pacific A China Northern MD82 crashes into the 112 dead Yellow Sea, Dalian sea USD 13m insured damage 25.5. Taiwan, South A China Airlines B747-209SF crashes 225 dead China Sea shortly after take-off USD 20m insured damage Taiwan Strait 1.7. Germany Mid-air crash of a Bashkirian Airlines 71 dead Überlingen Tupolev 154 and a DHL International USD 38m insured damage Boeing 757-200F 4.7. Central African Rep. Crash of a B737 cargo aircraft due to 26 dead Bangui technical problems 2 injured 10.7. Russia Taimyr Airline MI-6 helicopter crash 21 dead Taimyr Peninsula 27.7. Ukraine An SU-27 fighter jet crashes into crowd at 85 dead Skniliv Airfield, Lviv Ukrainian airshow 199 injured 30.8. Brazil Rico Linhas Aereas EMB 120ER crashes 23 dead Rio Branco during rainstorm 8 injured USD 3m insured damage 26.11. Space, Kazakhstan Launch failure of Astra 1K satellite EUR 292m (USD 290m) insured damage Baikonur 11.12. Space, French Guiana Launch failure of Ariane 5 USD 47m insured damage Kourou USD 607m total damage 23.12. Iran A Ukrainian Antonov-140 crashes into 45 dead Isfahan, Ardestan mountain USD 9m insured damage

Shipping disasters

Date Country Event No. of victims/amount of damage Place in original currency (in USD) 11.1. Egypt Vessel capsizes in stormy weather 15 dead, 25 missing Gulf of Suez, Ras Gharib 10.2. Spain Hydrofoil Princesa Teguise stops short 52 injured Canary Islands, in waters between Gran Canaria and Atlantic Ocean Tenerife 8.3. Italy, Mediterranean Boat carrying illegal immigrants sinks in 60 dead Sea bad weather Lampedusa 27.3. United Arab Emirates Rupture of two gate panels at a dry 27 dead, at least 2 missing Dubai dock, thereby flooding dock 23 injured USD 50m insured damage USD 100m total damage

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18.4. Ghana Overcrowded ship capsizes on Lake 50 dead Amevloikope Island Volta 20.5. Uganda Overloaded boat capsizes due to engine 27 dead Lake Victoria failure 23.5. Bangladesh Ferry M.L. Suraha capsizes during storm 16 dead, 40 missing Baleswar River 7.6. Uganda Boat capsizes during storm 70 dead Lake Victoria 11.6. Indonesia Speedboat Pulau Muda Ekspres 23 dead Riau, Meranti Gulf capsizes on Kampar River 19.6. Norway, North Fishing trawler Gudrun Gisladottir KE-15 USD 20m insured damage Atlantic sinks after running into rocks Nappstraumen 24.6. Sudan, Red Sea Boat carrying illegal immigrants 24 dead Sawakin capsizes during storm 28.7. India, Kerala, Overcrowded boat capsizes 29 dead Vembanad Lake 2.8. China, Sichuan, Collision between ferry and barge 23 dead, 2 missing Hejiang, Yangtze River 17.8. Nigeria Collision between two boats in bad weather 10 dead, 22 missing Ondo, Osumaga 1.9. India Overloaded boat capsizes 20 dead, 35 missing Jaipur, Baitarani River 15.9. Italy, Mediterranean Boat carrying illegal immigrants sinks 33 dead Sea, Sicily 26.9. Gambia, South Atlantic Overloaded ferry Le Joola sinks in 1 863 dead Coast of Gambia stormy waters 1.10.–3.10. Japan Typhoon Higos with winds of up to 190 4 dead Tokyo Bay, Kanto km/h; freighter HUAL Europe grounded 63 injured USD 60m insured damage USD 125m total damage 1.10.–2.10. Japan Fire on board Diamond Princess cruise Insured damage na Nagasaki liner 22.10. Azerbaijan Ferry Mercury 2 sinks during storm 4 dead, 37 missing Caspian Sea 3.11. Indonesia, South Overcrowded ferry Masohi Star sinks 5 dead, 60 missing Pacific, Ambon 127 injured 11.11.–10.12Indian Ocean, Sri Fire on containership Hanjin Pennsylvania 1 dead Lanka Insured damage na 13.11.–4.1. North Atlantic, Spain, Prestige oil tanker – carrying 70 000 Insured damage na Portugal tons of oil – breaks asunder USD 12.0bn total damage 23.11.–29.11 South China Sea, Fire on board Gaz Poem tanker USD 16m insured damage Hong Kong, China Shenzen, Dapeng Bay 1.12. Mediterranean Sea, Fishing trawler carrying migrants sinks 12 dead, 56 missing Libya, Tripoli 12.12. Uganda Boat capsizes 23 dead Lake Kyoga 13.12. Liberia Overcrowded boat capsizes 80 dead Mofa River 15.12.–16.12 English Channel, Tricolor car transporter carrying 2862 USD 86m insured damage France, Great Britain new vehicles sinks after collision with Strait Of Dover container vessel Kariba 17.12. Brazil Overloaded ferry Dom Luiz 15-1 capsizes 44 dead Pará, Barcarena on Pará River 18.12. China Ferry sinks after collision with cargo 11 dead, 29 missing Chongqing ship on Yangtze River 20.12. North Atlantic, Research vessel CGG Mistral sinks after USD 34m insured damage Trinidad & Tobago fire on board 30.12. Indian Ocean, Overloaded boat capsizes 40 dead Tanzania, Pemba Island

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Tables for reporting year 2002: Chronological list of man-made disasters

Road/rail disasters

Date Country Event No. of victims/amount of damage Place in original currency (in USD) 7.1. Bangladesh Bus skids off road 31 dead Dhaka 30 injured 7.1. Nigeria Head-on collision between two buses 50 dead Durbonde 4 injured 9.1. India Bus collides with truck 26 dead Gujarat, Surat 32 injured 13.1. Sri Lanka Five carriages of passenger train derail 18 dead Rambukkana 200 injured 15.1. El Salvador Bus plunges into ravine 22 dead Ahuachapan, Tacuba 30 injured 5.2. South Africa Metrorail commuter train collides with 26 dead KwaDukuza, freight train 94 injured Charlotte’s Dale 8.2. Nigeria Gasoline truck catches fire and explodes 30 dead Ajilete 7 injured 13.2. Saudi Arabia Bus carrying pilgrims collides with truck 40 dead Al-Ihsaa and catches fire 10 injured 16.2. Malawi Truck carrying passengers veers off 22 dead Mzimba District mountain road 76 injured 16.2. Peru Bus overturns 23 dead Puno, Masocruz 33 injured 17.2. China Bus plunges into ravine 25 dead Hunan, Changde City 41 injured 19.2. Nepal Bus plunges into deep ravine 40 dead Chitaun, Tiwinkhola 20.2. Egypt Fire breaks out overnight on passenger 361 dead Cairo train 61 injured 22.2. Japan Express train rams into stalled local train 70 injured Munakata, Fukuoka 25.2. China Bus overturns and plunges into deep 24 dead Hunan, Cili County dyke 29 injured 10.3. China Firecrackers explode on bus 21 dead Chongqing, Yunyang 10 injured 13.3. Peru Bus crashes into gas station 35 dead Chincha 18 injured 15.3. China Bus runs off cliff 22 dead Hubei, Lichuan 9 injured 18.3. Mexico Overloaded bus carrying pilgrims falls 27 dead Jalisco, Guadalajara into San Pedro River 19 injured 30.3. Spain Collision between two trains leaving 4 dead Catalunya, the station at the same time 88 injured Torredembarra 18.4. United States Train derails on the way from Orlando to 4 dead FL Washington 150 injured 19.4. Oman Bus veers off mountain road 46 dead Dhofar, Salalah 8 injured 23.4. United States Freight train collides with commuter train at least 2 dead SC, Placentia 100 injured 25.4. South Africa Bus overturns after tyre bursts, and rolls 21 dead Kwazulu-Natal down cliff 25 injured 27.4. India Lorry carrying wedding party collides 21 dead Andhra Pradesh, with another lorry 60 injured Mahaboobghat 2.5. India Bus carrying pilgrims overturns and 45 dead Maharashtra, catches fire 20 injured Ahmednagar 10.5. Sri Lanka Bus rolls down precipice in heavy rain 4 dead Ratnapura 51 injured

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10.5. Great Britain Three carriages of passenger train 7 dead Hertfordshire, Potters derail 76 injured Bar 12.5. India Passenger train derails 12 dead Uttar Pradesh, 100 injured Lucknow 16.5. Tanzania Bus overturns 37 dead Iringa, Lukumburu 8 injured Mountains 20.5. Pakistan Overloaded bus falls into ravine 14 dead Kashmir, Parsa 51 injured 25.5. Mozambique Passenger train collides with freight 205 dead Moamba train 400 injured 26.5. Peru Truck transporting passengers crashes 30 dead Tacna into house 23 injured 27.5. India Bus smashes into tree and plunges into 46 dead West Bengal, Calcutta canal 2.6. Pakistan Bus skids off bridge and falls into ravine 43 dead Sohawa, Punjab 10 injured 4.6. India Collision between train and bus at 50 dead Uttar Pradesh, Etah railway crossing 6 injured District 7.6. Afghanistan Bus veers off road and plunges into 45 dead Tangi Abrishim Kabul River 2 injured 10.6. Zimbabwe Bus hits truck and bursts into flames 37 dead Masvingo 70 injured 10.6. India Truck transporting pilgrims overturns 24 dead Bihar, Banka District 20 injured 11.6. Burundi Truck transporting refugees plunges 41 dead Rutana, Ruyigi into ravine 39 injured 15.6. India Bus veers off road and plummets into 26 dead Uttaranchal, Baldora Alaknanda River 6 injured 16.6. Egypt Truck carrying labourers collides with 21 dead El-Behira, Wadi another truck 68 injured Natrum 21.6. Zimbabwe Multiple car pile-up 6 dead Harare 100 injured 22.6. United States Collision between two commuter trains 67 injured NY, New York, Queens 23.6. Sudan Collision between two buses 13 dead Al-Jazirah, Wad 59 injured Al-Turabi 24.6. Tanzania Collision between passenger train and 281 dead Igandu freight train 371 injured 27.6. Bolivia Overloaded bus plunges into ravine 43 dead Challa 2.7. Indonesia Overloaded bus plunges into ravine 22 dead East Java, Jember 17.7. Uganda Fuel tanker collides with bus 80 dead Rutoto 19.7. Saudi Arabia Bus collides with truck and catches fire 26 dead Mecca 24 injured 21.7. Nigeria Bus veers off road and falls into ditch 55 dead Osun 29.7. United States Derailment of double-decker train 101 injured CT, Kensington 6.8. Afghanistan Bus plunges into ravine 26 dead Kapisa, Nejrab 64 injured 6.8. Mexico Passenger bus crashes into toll booth 33 dead Micho 20 injured

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Tables for reporting year 2002: Chronological list of man-made disasters

16.8. India Overloaded bus plummets into gorge 32 dead Jammu & Kashmir, 28 injured Poonch 17.8. Nigeria Pile-up involving several cars and buses 30 dead Ikire 6 injured 18.8. Turkey Bus skids off highway and overturns 34 dead Mersin, Tarsus 38 injured 18.8. Russia Overloaded bus overturns 24 dead Chuvashia, Yantikovo 39 injured 20.8. China Bus plunges off cliff 25 dead Chongqing 4 injured 22.8. Nepal Bus plunges into Trishuli River 45 dead Mungling 25.8. Philippines Bus plunges into ravine 20 dead Island of Basilan 70 injured 26.8. Nigeria Bus hits parked truck 25 dead Benin, Onitsha 3 injured 2.9. Bolivia Bus plunges off cliff 31 dead Las Yungas 16 injured 7.9. Iran Collision involving four vehicles 21 dead Khorasan 32 injured 10.9. India Passenger train derails on bridge over 116 dead Bihar State, Rafiganj Dhawa River 154 injured 15.9. Argentina Bus veers off cliff 47 dead Catamar, La Merced 27 injured 15.9. Pakistan Bus collides with oil tanker truck 21 dead Balochistan, Quetta 17 injured 26.9. Pakistan Eight carriages of express train derail 7 dead Balochistan, Dingra 51 injured 27.9. Pakistan Bus plunges into ravine 25 dead Kashmir, Mirpur 27 injured 28.9. South Africa Bus veers off road and overturns 24 dead Eastern Cape, Nico 51 injured Malan Pass 29.9. Guatemala Bus veers off road and plunges into 56 dead Huehuetenango Selegua River 30.9. Austria Car pile-up caused by drifting 8 dead Upper Austria, fog 57 injured Salzkammergut 6.10. Brazil Collision between bus, truck and car 27 dead Sergipe, Aracaju 17 injured 10.10. Bangladesh Derailment of express train 80 injured Bhawal 16.10. Nigeria Collision between two lorries 25 dead Kwara, Otte Village 19.10. China Collision between two double-decker 61 injured Hong Kong, Kwai buses Chung 24.10. Iran Pile-up involving four vehicles 26 dead Fars, Marvdasht 10 injured 29.10. Japan Collision between two buses 56 injured Aichi, Nagoya 6.11. Egypt Collision between bus and truck 29 dead Cairo 25 injured 11.11. Nepal Bus falls into Trishuli River 2 dead Dhading, Salangghat 60 injured 17.11. Brazil Head-on collision between two buses 22 dead Sergipe, Laranjeiras 58 injured 18.11. Nigeria Bus collides with truck 27 dead Bayelsa, Yeenagoa

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20.11. India Bus catches fire 60 dead Madhya Pradesh, 27 injured Maneri 24.11. Philippines Bus falls into ravine 33 dead Quezon, Tagkawayan 6 injured 24.11. India Bus veers off bridge 36 dead Madhya Pradesh, 45 injured Kaimur Hills 29.11. Turkey Pile-up involving 28 vehicles 6 dead Ankara 93 injured 30.11. India Overcrowded bus plunges off bridge 35 dead Jammu & Kashmir, 22 injured Khalinee 3.12. Ethiopia Bus overturns and plunges into ravine 25 dead Tigray, Adikayih 17 injured 5.12. Zimbabwe Collision between bus and truck 9 dead Masvingo 53 injured 7.12. Nigeria Head-on collision between two 32 dead Osun State minibuses 4 injured 10.12. Uganda Bus veers off road and overturns 60 injured Nanywa Village 10.12. Cuba Passenger train derails 16 dead Matanzas 74 injured 15.12. Nigeria Petrol tanker crashes into market and 30 dead Akwa Ibom, Ibaka explodes 18.12. Sudan Bus plunges into ditch and catches fire 31 dead Khartoum 46 injured 21.12. India Engine and nine carriages of passenger 20 dead Andhra Pradesh, train derail 87 injured Ramlingayapalli 28.12. Pakistan Head-on collision between two buses 27 dead Punjab, Rahim Yar and a truck 37 injured Khan

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Tables for reporting year 2002: Chronological list of man-made disasters

Mining accidents

Date Country Event No. of victims/amount of damage Place in original currency (in USD) 8.1. Dem. Rep. of Congo Mine collapses due to heavy rain 30 dead Goma 14.1. China Explosion at coal mine 25 dead Yunnan, Wenshan 10 injured 26.1.–27.1. China Explosions at the Nuanerhe coal mine 27 dead, at least 1 missing Hebei, Chengde 12 injured 31.1. China Explosion at the Nantong coal mine 13 dead, at least 9 missing Chongqing 6 injured 29.3. China Gas explosion at coal mine 22 dead, 1 missing Henan, Yuzhou City 8.4. China Gas explosion at coal mine 24 dead Heilongjiang 39 injured 24.4. China Gas explosion at coal mine 23 dead Sichuan, Panzhihua 4 injured 4.5. China Gas explosion at coal mine 23 dead Guizhou, Weining 20.6. Tanzania Failure of fresh air pump 42 dead Mererani 20.6. China Gas explosion at coal mine 115 dead Heilongjiang, Jixi 24 injured 22.6. China Explosion at gold mine 46 dead Shanxi, Fanzhi County, Yixingzhai 4.7. China Explosion at coal mine 39 dead Jilin, Songshu 7.7. Ukraine Fire at coal mine 35 dead Donetsk, Ukrainsk 49 injured 8.7. China Gas explosion at coal mine 44 dead Heilongjiang, Hegang 3.9. China Gas explosion at coal mine 33 dead, 6 missing Hunan, Shuangfeng 23.10. China Explosion at coal mine 36 dead, 8 missing Shanxi, Zhongyangy 29.10.–30.10 China Fire at coal mine 44 dead Guangxi, Nanning 8.11. China Explosion at coal mine 26 dead Shanxi, Xituan 3 injured 6.12. China Fire at coal mine 26 dead Jilin, Taonan City

Collapse of buildings/bridges

Date Country Event No. of victims/amount of damage Place in original currency (in USD) 23.9. China Collapse of stairway at school 21 dead Inner Mongolia, 47 injured Fengzhen 2.10. Syria Collapse of buildings 32 dead Aleppo 22 injured

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Miscellaneous

Date Country Event No. of victims/amount of damage Place in original currency (in USD) 2.1. Brazil Prison uprising after failed escape 27 dead Porto Velho attempt 27.2.–31.5. India Social unrest after arson attack on train 2 000 dead Gujarat, Godhra 65 injured USD 40m insured damage USD 100m total damage 14.3. India Underground sewage tank collapses 21 dead Uttar Pradesh, during recruitment rally Lucknow 3.4. Algeria Fire in overcrowded prison 22 dead Chelghoum El-Aid 20 injured 7.4. Colombia Two car bombs explode in night-life 12 dead Villavicencio district 70 injured 11.4. Tunisia Truck explodes near the entrance to the 21 dead Djerba Ghriba synagogue 20 injured 21.4. Philippines Series of bomb explosions 15 dead General Santos 59 injured 1.5. Philippines Grenade explodes in crowd celebrating 7 dead Notre Dame festival 124 injured 9.5. Russia Bomb attack during military parade 42 dead Dagestan, Kaspiysk 150 injured 1.6. Sudan Economic migrants die of thirst in 45 dead South Darfur desert whilst trying to enter Libya 9.6. Russia Riots after football game 2 dead Moscow 75 injured 22.6.–23.6. Spain Salmonella contamination at festival 876 injured Catalunya, Torroella De Montgri 5.7. Algeria Bomb explodes in a busy market place 49 dead Larba 87 injured 14.9. China Food poisoning at snack bar 38 dead Jiangning, Nanjing 300 injured 11.10. Finland Bomb attack at shopping centre 7 dead Helsinki, Vantaa 80 injured 12.10. Indonesia Car bomb detonated outside nightclub 190 dead Bali 300 injured 17.10. Philippines Bomb attack at shopping centre 6 dead Zamboanga 149 injured 23.10.–26.10. Russia Hostage-taking at a theatre 169 dead Moscow 650 injured 20.11.–24.11. Nigeria Riots in protest at hosting of Miss World 215 dead Lagos, Kaduna, Abuja contest 1 100 injured 11 000 homeless 25.11. China Food poisoning at kindergarten 72 injured Guangdong, Huangpo 28.11. Kenya Car bomb destroys hotel 11 dead Mombasa 80 injured 1.12. Bangladesh Stampede at religious ceremony 26 dead Gaibandha 30 injured

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Tables on the major losses 1970–2002

Table 10 The 40 most costly insurance losses 1970–2002

Insured loss21 (in USD m, indexed to 2002) Victims22 Date (start) Event Country 20 511 38 23.08.1992 Hurricane Andrew US, Bahamas 19 3013 00011.09.2001Terrorist attack on WTC, Pentagon and other buildings US 16 989 60 17.01.1994 Northridge earthquake US 7 456 51 27.09.1991 Typhoon Mireille Japan 6 321 95 25.01.1990 Winterstorm Daria France, UK et al 6 263 80 25.12.1999 Winterstorm Lothar over western Europe France, Switzerland et al 6 087 61 15.09.1989 Hurricane Hugo Puerto Rico, US et al 4 749 22 15.10.1987 Storm and floods in Europe France, UK et al 4 393 64 25.02.1990 Winterstorm Vivian Western/Central Europe 4 362 26 22.09.1999 Typhoon Bart hits the south of the country Japan 3 895 600 20.09.1998 Hurricane Georges US, Caribbean 3 200 33 05.06.2001 Tropical Storm Allison; flooding US 3 042167 06.07.1988 Explosion on Piper Alpha drilling platform UK 2 918 6 425 17.01.1995 Great Hanshin Earthquake in Kobe Japan 2 592 45 27.12.1999 Winterstorm Martin France, Spain, CH 2 548 70 10.09.1999 Hurricane Floyd, heavy downpours, flooding US, Bahamas 2 500 38 06.08.2002 Rains, flooding Europe 2 479 59 01.10.1995 Hurricane Opal US, Mexico 2 179 246 10.03.1993 Blizzard, tornadoes US, Mexico, Canada 2 051 4 11.09.1992 Hurricane Iniki US, North Pacific 1 930 – 06.04.2001 Hail, floods and tornadoes US 1 923 23 23.10.1989 Explosion in a petrochemicals plant US 1 864 – 29.08.1979 Hurricane Frederic US 1 835 39 05.09.1996 Hurricane Fran US 1 824 2 000 18.09.1974 Tropical cyclone Fifi Honduras 1 771 116 03.09.1995 Hurricane Luis Caribbean 1 675 6 27.04.2002 Spring storm with several tornadoes US 1 662350 10.09.1988 Hurricane Gilbert Jamaica, et al 1 620 20 03.12.1999 Winterstorm Anatol Western/northern Europe 1 604 54 03.05.1999 Series of more than 70 tornadoes in the Midwest US 1 589 500 17.12.1983 Blizzard, cold wave US, Mexico, Canada 1 585 26 20.10.1991 Forest fire, drought US 1 570 350 02.04.1974 Tornadoes in 14 states US 1 499 – 25.04.1973 Flooding on the Mississippi US 1 484 – 15.05.1998 Wind, hail and tornadoes (MN, IA) US 1 451 63 17.10.1989 Loma Prieta earthquake US 1 436 31 04.08.1970 Hurricane Celia US, Cuba 1 409 1219.09.1998 Typhoon Vicki Japan, Philippines 1 358 46 05.01.1998 Cold spell with ice and snow Canada, US 1 340 21 05.05.1995 Wind, hail and flooding (TX, NM) US

21 Property and business interruption losses, excluding life and liability insurance losses 22 Dead and missing

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Table 11 The 40 worst catastrophes in terms of victims 1970–2002

Insured loss23 (in USD m, Victims24 indexed to 2002) Date (start) Event Country 300 000 – 14.11.1970 Storm and flood catastrophe Bangladesh 250 000 – 28.07.1976 Earthquake in Tangshan (8.2 on the Richter scale) China 138 000 3 29.04.1991 Tropical Cyclone Gorky Bangladesh 60 000 – 31.05.1970 Earthquake (7.7 on the Richter scale) Peru 50 000 158 21.06.1990 Earthquake in Gilan Iran 25 000 – 16.09.1978 Earthquake in Tabas Iran 25 000 – 07.12.1988 Earthquake in Armenia Armenia, ex-USSR 23 000 – 13.11.1985 Volcanic eruption on Nevado del Ruiz Colombia 22 000 237 04.02.1976 Earthquake (7.4 on the Richter scale) Guatemala 19 118 1 080 17.08.1999 Earthquake in Izmit Turkey 15 000 108 29.10.1999 Cyclone 05B devastates Orissa state India, Bangladesh 15 000 10226.01.2001 Earthquake in Gujarat (moment magnitude 7.7) India, Pakistan 15 000 – 11.08.1979 Dyke burst in Morvi India 15 000 – 01.09.1978 Floods following monsoon rains in the north India 15 000 538 19.09.1985 Earthquake (8.1 on the Richter scale) Mexico 10 800 – 31.10.1971 Flooding in the Bay of Bengal and Orissa state India 10 000 238 12.12.1999 Flooding, mudslides, landslides Venezuela, Colombia 10 000 – 25.05.1985 Tropical cyclone in the Bay of Bengal Bangladesh 10 000 – 20.11.1977 Tropical cyclone in Andrah Pradesh and Bay of Bengal India 9 500 – 30.09.1993 Earthquake (6.4 on the Richter scale) in Maharashtra India 9 000 552 22.10.1998 Hurricane Mitch, Central America Honduras, et al 8 000 – 16.08.1976 Earthquake on Mindanao Philippines 6 425 2 918 17.01.1995 Great Hanshin earthquake in Kobe Japan 6 304 – 05.11.1991 Typhoons Thelma and Uring Philippines 5 300 – 28.12.1974 Earthquake (6.3 on the Richter scale) Pakistan 5 112– 15.11.2001Rainfall, flooding, landslides Brazil 5 000 433 23.12.1972 Earthquake in Managua Nicaragua 5 000 – 02.12.1984 Accident in a chemical plant in Bhopal India 5 000 – 10.04.1972Earthquake in Fars Iran 5 000 – 30.06.1976 Earthquake in West Irian Indonesia 5 000 1 061 05.03.1987 Earthquake Ecuador 4 500 – 10.10.1980 Earthquake in El Asnam Algeria 4 375 – 21.12.1987 Ferry Dona Paz collides with oil tanker Victor Philippines 4 000 – 30.05.1998 Earthquake in Takhar Afghanistan 4 000 – 24.11.1976 Earthquake in Van Turkey 4 000 – 15.02.1972 Storms and snow in Ardekan Iran 3 840 6 01.11.1997 Typhoon Linda Vietnam et al 3 800 – 08.09.1992Flooding in Punjab India, Pakistan 3 656 33201.07.1998 Flooding along the Yangtze River China 3 400 1 080 21.09.1999 Earthquake in Nantou Taiwan 3 200 – 16.04.1978 Tropical cyclone Réunion

23 Property and business interruption losses, excluding life and liability insurance losses 24 Dead and missing

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Appendix: Terms and selection criteria

Terms

Natural catastrophes The term “natural catastrophe” is taken to mean an event caused by natural forces. Such an event generally results in a large number of individual losses involving many insurance policies and insured parties. The scale of the losses resulting from a catastrophe depends not only on the severity of the natural forces concerned, but also on man-made factors such as building design or the efficiency of disaster control in the afflicted region. In the present study, natural catastrophes are broken down into six categories:

– floods – storms – earthquakes (including seaquakes and tsunamis) – droughts, bush fires (including heat) – cold waves, frost – other (including hail and avalanches)

Man-made disasters This study categorises as “man-made” or “technical” disasters major events associated with human activities. Generally, a large object in a very limited space is affected which is covered by a small number of insurance policies. The study subdivides man-made disasters into seven categories:

– major fires, explosions – aviation and space disasters – shipping disasters – road/rail disasters – mining accidents – collapse of buildings/bridges – miscellaneous (including terrorism)

Loss figures “Losses” comprise all insured losses except liability. Leaving aside the liability losses on the one hand allows a relatively swift assessment of the insurance year but, on the other, tends to understate the cost of man-made disasters. A figure identified as a “total loss” or “economic loss” includes all damage, whether insured or not.

Selection criteria

sigma has been publishing tables listing major losses since 1970. In order to maintain comparability of the selection criteria over the course of time, the minimum threshold for inclusion of losses is adjusted annually to compensate for inflation in the US. Thresholds with respect to casualties – numbers of dead, missing, severely injured, homeless – also make it possible to tabulate events in regions where the insurance penetration is below average.

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Limits in 2002 For the 2002 reporting year, the lower loss thresholds were set as follows:

Insured losses: Shipping USD 14.4 m Aviation USD 28.7 m Other losses USD 35.7 m or Economic losses: USD 71.3 m or Casualties: Dead or missing 20 Injured 50 Homeless 2000

Adjustment for inflation and correction of the loss amounts

sigma converts all losses for the occurrence year not given in USD into USD using the end-of-year rate. To take account of inflation, these USD values are extrapolated using the US consumer price index to give current (2002) values.

Example of adjustment for inflation As an illustration, here are the property loss figures from the explosion on the Piper Alpha drilling platform in the North Sea on 6 July 1988:

Insured loss at 1988 prices: USD 2.00 billion Insured loss at 2002 prices: USD 3.04 billion

Changes to past data If changes to the loss amounts of previously published events become known, sigma takes these into account. Such changes do affect the data on past events held by sigma, but only become evident where an event appears in the table of the 40 most costly insured losses or of the disasters with the most fatalities since 1970 (Tables 10 and 11, pages 34/35).

Sources

Newspapers, direct insurance and reinsurance periodicals, specialist publica- tions (in printed or electronic format) and reports from insurers and reinsurers provided the sources for the choice of events for inclusion. Although all the infor- mation used in this study was taken from reliable sources, Swiss Reinsurance Company does not accept any responsibility for the accuracy or comprehensive- ness of the details given. The information provided is for information purposes only and in no way constitutes Swiss Re’s position. In no event shall Swiss Re be liable for any loss or damage arising in connection with the use of this informa- tion. (See also the copyright information on page 2.)

Swiss Re, sigma No. 2/2003 37 Sigma_2_03_engl_US 06.03.2003 16:29 Uhr Seite UM3

Recent sigma publications

No. 2/2003: Natural catastrophes and man-made disasters in 2002: high flood loss burden No. 1/2003: The picture of ART

No. 7/2002: Bancassurance developments in Asia – shifting into a higher gear No. 6/2002: World insurance in 2001: turbulent financial markets and high claims burden impact premium growth No. 5/2002: Third party asset management for insurers No. 4/2002: Global non-life insurance in a time of capacity shortage No. 3/2002: The London market in the throes of change No. 2/2002: Insurance in Latin America: growth opportunities and the challenge to increase profitability No. 1/2002: Natural catastrophes and man-made disasters in 2001: man-made losses take on a new dimension

No. 7/2001: World financial centres: New horizons in insurance and banking No. 6/2001: World insurance in 2000: another boom year for life insurance; return to normal growth for non-life insurance No. 5/2001: Profitability of the non-life insurance industry: it’s back-to-basics time No. 4/2001: Insurance markets in Asia: sanguine outlook despite short-term uncertainties No. 3/2001: Capital market innovation in the insurance industry No. 2/2001: Natural catastrophes and man-made disasters in 2000: fewer insured losses despite huge floods No. 1/2001: Insurance industry in Central and Eastern Europe – current trends and progress of preparations for EU membership

No. 9/2000: World insurance in 1999: Soaring life insurance business No. 8/2000: Japan’s insurance markets – a sea change No. 7/2000: Trade credit insurance: globalisation and e-business are the key opportunities No. 6/2000: Asset-liability management for insurers No. 5/2000: The impact of e-business on the insurance industry: Pressure to adapt – chance to reinvent No. 4/2000: Emerging markets: the insurance industry in the face of globalisation No. 3/2000: Europe in focus: Non-life markets undergoing structural change No. 2/2000: Natural catastrophes and man-made disasters in 1999: Storms and earthquakes lead to the second-highest losses in insurance history No. 1/2000: Solvency of non-life insurers: Balancing security and profitability expectations

No. 7/1999: World insurance in 1998: Deregulation, overcapacity and financial crises curb premium growth No. 6/1999: Life insurance: Will the urge to merge continue? No. 5/1999: Asia’s insurance markets after the storm No. 4/1999: Are mutual insurers an endangered species? No. 3/1999: World insurance in 1997: Booming life business, but stagnating non-life business No. 2/1999: Alternative risk transfer (ART) for corporations: a passing fashion or risk management for the 21st century? No. 1/1999: Natural catastrophes and man-made disasters 1998: Storms, hail and ice cause billion-dollar losses Sigma_2_03_engl_US 06.03.2003 16:29 Uhr Seite UM4

Swiss Reinsurance Company Economic Research & Consulting Mythenquai 50/60 P.O. Box CH-8022 Zurich

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