Sunday 03 September 2006
Hurricane Damages Soar to New Levels
'Damage from hurricanes is soaring off the charts, bankrupting insurance companies and depriving property owners of insurance in high-risk areas. During the 1960s, worldwide damage from windstorms with economic losses of $1 billion or more totaled just $4 billion. In the 1970s the figure rose to $7 billion, and in the 1980s it topped $24 billion. Next came the 1990s, when hurricane losses soared to $113 billion. Then, during the six years from 2000 to 2005, hurricanes left a staggering bill of $273 billion.'