It’s difficult to believe that 2011 was the costliest year ever for the insurance industry as far as natural disaster losses.

Usually that means there were some bad hurricanes hitting Florida, but your Ormond Beach insurance agency notes there were few bad windstorm incidents in the state in 2011. There were, however, devastating earthquakes in Japan and New Zealand, including a tsunami that wiped out much of Northern Japan.

Munich RE reported that insured losses in 2011 were $105 billion, surpassing the record of $101 billion set in 2005, the year of Katrina.

Of course, that was just the insured losses. The company put total worldwide economic costs from natural disasters at $380 billion, far above the $220 billion in 2005. The earthquake and tsunami in Japan resulted in insured losses of $40 billion while the earthquake in Christchurch, New Zealand, cost the industry $13 billion.

The huge cost of natural disasters will continue to put pressure on the industry, probably making reinsurance costs higher in 2012. Also, while there were no damaging hurricanes in the Sunshine State, problems lingered from sinkholes, auto fraud and others.

Still, your Ormond Beach insurance agency remains committed to giving you the best and most affordable property and casualty coverage possible in 2012 and for years to come. The O’Quinn Agency also can help you with insurance for your auto, boat, motorcycle and life.