More natural disasters seen

MANILA, Philippines - Since 2006, worldwide disasters numbered over 900 in any given year. In stark contrast, it was rare to experience more than 500 disasters in the 1980s. Hurricane Sandy, droughts in the American Midwest, an Italian earthquake, a series of Midwest tornadoes and Typhoon Bopha (Pablo) in the Philippines were just five of the more than 900 events worldwide that caused $160 billion-worth of damage (122 billion euros) to the worldwide economy. The 2011 Great East Japan Earthquake, which led to the explosion at the Fukushima nuclear reactor, became the most expensive disaster in history. So far, it has cost $235 billion (180 billion euros). In 2005, Hurricane Katrina left much of New Orleans under water, is second most expensive disaster at $81 billion. Private insurers are preparing for rough weather, and governments would do well to heed calls for more precautionary measures, said Munich Re, the world’s largest re-insurer said. Insurers bear a large part of these costs. But of Hurricane Sandy’s estimated $60 billion price tag, only $25 billion was actually insured. And on top of their financial losses, those affected may also suffer long-lasting personal and emotional damage.