Whether it is to put together a down payment for home insurance coverage or to scrape together recovery costs after being hit by a natural disaster, money from payday loans can be an important factor in the recovery process following a natural disaster.
According to the new Annual Global Climate and Catastrophe report released last week, natural disaster events that occurred all over the world in 2009 caused $20 billion in damages that were covered by insurers.
Concerning the U.S., the report found that approximately 1,109 tornadoes touched down across the country in 2009. Additionally, nine storms developed in the Atlantic Ocean throughout the year and threatened the U.S., even though none of them ever came ashore.
“There is still a high prevalence of natural catastrophes throughout the world, and that the resulting insured and economic losses are extremely costly to global insurers, governments and the general public,” said Byron Ehrhart, the CEO of Aeon Benfield.
“Insurers and reinsurers need to become even more aware of their risks and exposures in catastrophe-prone areas, as well as reviewing the latest research into natural perils to try to stay ahead of the game.”
The report concluded that 222 separate catastrophic events occurred in 2009, up from 213 events in 2008.
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