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Insurance Industry Share of Weather-Related Losses Rising, with 60% Tied to Small Events

August 11, 2005 - Insurance Journal

The insurance industry's share of the world's total economic losses from weather-related catastrophes is rising and 60 percent of these weather-related losses are attributable to small events as distinct from headline-catching catastrophes, according to a scientist who has studied the issue for decades.

The insured share of weather-related losses that was a negligible fraction in the 1950s has increased to 25 percent in the last decade, reports Evan Mills, a scientist in the environmental energy technologies division in the U.S. Department of Energy's Lawrence Berkeley National Laboratory.

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