Mumbai, April 21: The total losses on account of natural catastrophies in 1999 and man-made disaster are estimated at $100 billion, making the year the second most expensive period in the insurance history.The various catastrophies which have claimed more than 105,000 lives across the globe do not take into account the indirect economic loses.
According Swiss Re's Sigma report, the losses in 1999 due to catastrophies cost the global insurance industry $28.6 billion, representing the second highest losses ever for insurers.
The super-cyclone that hit Orissa in 1999 is ranked as the fourth largest calamity in the World. The Sigma report has estimated the loss at Rs 2.5 billion due to the cyclone.
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