2003 catastrophes cause uptick in insured losses.Munich Re Munich Re AG, in German Münchener Rück AG (ISIN: DE0008430026), is the world's second largest reinsurance company with over 5,000 customers in 160 countries and has its headquarters in Munich, Germany. reports approximately 700 natural catastrophes occurred in 2003. Insured losses increased in 2003 to $15 billion, from $11.5 billion in 2002. The tornadoes and hailstorms hitting the Midwest Midwest or Middle West, region of the United States centered on the western Great Lakes and the upper-middle Mississippi valley. It is a somewhat imprecise term that has been applied to the northern section of the land between the Appalachians in spring of 2003 tallied insured losses of $5 billion. Although Europe Europe (y  r`əp), 6th largest continent, c.4,000,000 sq mi (10,360,000 sq km) including adjacent islands (1992 est. pop. 512,000,000). was
spared severe storms, it was hit by extreme heat and drought drought, abnormally long period of insufficient rainfall. Drought cannot be defined in terms of inches of rainfall or number of days without rain, since it is determined by such variable factors as the distribution in time and area of precipitation during and before , which
Munich Re warns is a sign of things to come. Munich Re says the European Europeanemanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. heat wave points to the reality of climate change. "The insurance industry must prepare itself for increasing risks and losses. This requires above all transparency (1) The quality of being able to see through a material. The terms transparency and translucency are often used synonymously; however, transparent would technically mean "seeing through clear glass," while translucent would mean "seeing through frosted glass." See alpha blending. and a limitation of the risks," said Stefan Heyd, head of corporate underwriting Underwriting 1. The process by which investment bankers raise investment capital from investors on behalf of corporations and governments that are issuing securities (both equity and debt). 2. The process of issuing insurance policies. for Munich Re's board of management. [GRAPHIC OMITTED]
The 10 Largest Natural Catastrophes in 2003 Ranked by Insured Losses
($ Millions)
Date Country/Region Event
May 2-11 USA, Midwest Tornadoes, severe weather
Oct.-Nov. USA, California Drought, forest fires
Sept. 18-20 USA, Fast Hurricane Isabel
Coast, Canada
April 4-8 USA, esp. Texas Severe weather, hail
Dec. 2-4 France Floods
July 21-23 USA Severe weather
Jan. 13-25 USA Winter storm
Sept. 11-13 South Korea, Typhoon Maemi
Japan
Nov. 12-14 USA Severe Weather
Sept. 5-6 Bermuda Hurricane Fabian
Economic Insured
Date Fatalities Losses Losses
May 2-11 44 $4,000 $3,200
Oct.-Nov. 20 3,500 >2000
Sept. 18-20 40 5,000 1,685
April 4-8 13 2,100 >1600
Dec. 2-4 7 1,500 1,000
July 21-23 7 800 600
Jan. 13-25 2 650 500
Sept. 11-13 118 4,800 500
Nov. 12-14 8 600 425
Sept. 5-6 4 500 400
Source: Munich Re
>: Approximate numbers
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