Disasters led to multi-billion dollar losses

GENEVA, SWITZERLAND — A leading Swiss firm is estimating that disasters such as floods in Europe, winter storms in the U.S. and typhoons in Asia cost insurance companies $45 billion in 2013, according to KTVN-TV.

That estimate represents only about a third of the $140 billion in economic losses, not to mention 26,000 lives lost, from 308 catastrophes and disasters around the globe last year, the article stated.

According to the article, as a whole, Asia was the region that suffered the most, with $62 billion in economic losses and more than 20,000 victims; however, only $6 billion was paid in claims, reflecting the region's relative lack of insurance.

The U.S., which suffered severe thunderstorms, tornadoes, hail and winter storms, had a total of $32 billion in damage of which $19 billion was insured, the article noted.

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