Europe(losses in USDm Europe was also significantly affected by disasters in 2010. An unprecedented heat Victims 56490 wave and prolonged drought in Russia claimed the lives of nearly 56 000 people dur- Total economic losses 35 204 ing the summer, and triggered a staggering number of wildfires that destroyed large Insured losses 6303 parts of the country's vast woodlands. The main cause of death was the combination of smoke and record high temperatures, which together produced heavy smog that blanketed large urban areas. The wildfires caused estimated economic losses of nearly USD 15 bn. according to government statistics. nsured losses in Europe were driven by In terms of insured losses, the costliest event was winter storm Xynthia which struck winter storm Xynthia France and northwestern Europe in February and cost insurers more than USD 2.7bn It was the third costliest event in 2010 and caused 64 deaths The summer floods in France caused additional losses to the insurance industry of more than USD 800m Meanwhile, further summer floods in Central and Eastern Europe generated additional losses of over USD 1bn. A cold wave at the end of the year also triggered insured losses of USD 262m, although the total cost to society is likely much larger once travel distrup tion is taken into account The volcano eruption in Iceland highlight- Unprecedented travel disruptions throughout Europe were caused by the volcano risk mportance of assessing volcanic eruption in Iceland during the spring. Since it did not cause property damage, the event id not trigger property insurance claims. However, the prolonged closure of airports and the cancellation of flights produced considerable economic damage, mainly due to business interruption, which was uninsured. The event underscored how vulnerable interconnected societies can be and raised the issue of assessing volcanic risk Oceania/Australia(losses in USDm) Oceania/Australia Victims o Natural catastrophes and man -made disasters caused total economic losses of more Total economic losses 13131 than USD 13bn in Oceania/Australia. The cost to insurers was approximately USD 9 bn The New Zealand earthquake in Septem- With claims of more than USD 4.4 bn, the earthquake that struck New Zealand in Sep- ber 2010 was the costliest insurance tember accounted for half of the region s insured losses. While it claimed no victims. it event for this region ras the second costliest insurance event of 2010 and the third costliest earthquake in history. Insurers paid for most of the USD 5bn in total economic losses caused by this vent. The rest of the claims arose from two powerful storms in March, which together cost insurers more than usd 2bn and from the floods that affected queensland in de- cember. These floods became the worst floods in the history of Australia. The flood that occurred in Australia in late The preliminary estimate of insured property losses arising from the December floods 2010 has resulted in the country 's largest in Queensland, whose assessment was ongoing when sigma went to press, was over USD 2bn. The economic cost of the floods was estimated at USD 5bn. should the pre- liminary estimates prove accurate, these events will become the costliest disasters ever in Australia based on insured losses. The country was struck by further flood events in January 2011, whose damage was still under assessment as sigma went to press Despite these devastating catastrophes, the region had just 50 victims, making it the ms of victim Swiss Re, sigma No 1/2011Swiss Re, sigma No 1/2011 7 Europe Europe was also significantly affected by disasters in 2010. An unprecedented heat wave and prolonged drought in Russia claimed the lives of nearly 56 000 people dur￾ing the summer, and triggered a staggering number of wildfires that destroyed large parts of the country’s vast woodlands. The main cause of death was the combination of smoke and record high temperatures, which together produced heavy smog that blanketed large urban areas. The wildfires caused estimated economic losses of nearly USD 15 bn, according to government statistics. In terms of insured losses, the costliest event was winter storm Xynthia which struck France and northwestern Europe in February and cost insurers more than USD 2.7bn. It was the third costliest event in 2010, and caused 64 deaths. The summer floods in France caused additional losses to the insurance industry of more than USD 800m. Meanwhile, further summer floods in Central and Eastern Europe generated additional losses of over USD 1bn. A cold wave at the end of the year also triggered insured losses of USD 262m, although the total cost to society is likely much larger once travel distrup￾tion is taken into account. Unprecedented travel distruptions throughout Europe were caused by the volcano eruption in Iceland during the spring. Since it did not cause property damage, the event did not trigger property insurance claims. However, the prolonged closure of airports and the cancellation of flights produced considerable economic damage, mainly due to business interruption, which was uninsured. The event underscored how vulnerable interconnected societies can be and raised the issue of assessing volcanic risk. Oceania/Australia (losses in USDm) Oceania/Australia Natural catastrophes and man-made disasters caused total economic losses of more than USD 13bn in Oceania/Australia. The cost to insurers was approximately USD 9 bn. With claims of more than USD 4.4 bn, the earthquake that struck New Zealand in Sep￾tember accounted for half of the region’s insured losses. While it claimed no victims, it was the second costliest insurance event of 2010 and the third costliest earthquake in history. Insurers paid for most of the USD 5bn in total economic losses caused by this event. The rest of the claims arose from two powerful storms in March, which together cost insurers more than USD 2bn, and from the floods that affected Queensland in De￾cember. These floods became the worst floods in the history of Australia. The preliminary estimate of insured property losses arising from the December floods in Queensland, whose assessment was ongoing when sigma went to press, was over USD 2bn. The economic cost of the floods was estimated at USD 5bn. Should the pre￾liminary estimates prove accurate, these events will become the costliest disasters ever in Australia based on insured losses. The country was struck by further flood events in January 2011, whose damage was still under assessment as sigma went to press. Despite these devastating catastrophes, the region had just 50 victims, making it the least affected in terms of victims. Europe (losses in USDm) Victims 56 490 Total economic losses 35 204 Insured losses 6 303 Insured losses in Europe were driven by winter storm Xynthia. The volcano eruption in Iceland highlight￾ed the importance of assessing volcanic risk. Victims 50 Total economic losses 13 131 Insured losses 8 860 The New Zealand earthquake in Septem￾ber 2010 was the costliest insurance event for this region. The flood that occurred in Australia in late 2010 has resulted in the country’s largest ever insured loss