1980 - 20 billion average
2009 - 150 billion
rate increasing faster than the number of hazards
- value of possessions
- sophistication of infrastructure
- scale of insurance claims
upward trend in both but it's greater in developed countries
ALTHOUGH relatively, costs much higher in developing countries eg % of GDP eg Hurricane Mitch cost Nicaragua $20 billion (50% GDP), Japan had $166 billion over 10 years (2% GDP)
Rapid economic growth in countries like china contributing to upward trend
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