Insurance industry damage claims from natural disasters like the earthquakes in Japan and New Zealand reached a record $105 billion in 2011, said Munich Re, the world's biggest reinsurer.
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An earthquake in New Zealand in February added a further $13 billion to insurers' claims payout for the year, Munich Re said.
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The earthquakes together made up about half of last year's total insured losses from natural catastrophes, which topped the previous record of $101 billion set in 2005, when Hurricane Katrina devastated New Orleans.?
"Normally, it is the weather-related natural catastrophes that are the dominant loss drivers," Munich Re said.
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Despite the heavy payouts, many observers say that the claims were not big enough on their own to provide a broad boost to reinsurers' pricing strength relative to their insurance company clients because reinsurers still have plenty of excess capital.
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Total economic losses last year, including those not covered by insurance, totaled $380 billion, the reinsurer said, thus also topping the previous record of $220 billion set in 2005.
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Munich Re's figures differ somewhat from those of rival Swiss Re published last month, which include man-made disasters in the calculation.
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(Reporting by Jonathan Gould; Editing by Hans-Juergen Peters)
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