MONTREAL - With devastating Hurricanes Katrina and Wilma in the United States and never-before-seen hurricanes approaching Europe, the world in 2005 will show the highest-ever financial losses for weather-related natural disasters.
Economic losses globally will exceed $200 billion and insured losses will be over $70 billion, according to preliminary estimates released on Tuesday by the Munich Re Foundation, part of a leading reinsurance company.
Katrina alone inflicted damage of $125 billion, including $30 billion in insured losses.
This year will trump 2004, the previous record year with global economic losses of $145 billion and insured losses of $45 billion.
The record-breaking losses were announced on the sidelines of the United Nations conference to tackle global warming, which many scientists blame for the destructive weather patterns of recent years.
"There is a powerful indication from these figures that we are moving from predictions of the likely impacts of climate change to proof that is already underway," said foundation head Thomas Loster.
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