Most frequent natural disaster in first half of 2013 was flooding. In the first half of the year, Swiss Re, the second biggest re-insurance company in the world after Munich Re, estimated economic losses caused by natural disasters at $56 billion and deaths caused by these disasters at around 7,000. Insured damages reached a figure of $20 billion, of which €17 billion was by natural disasters, mainly flooding. In June, heavy rain in Central and Eastern Europe led to extensive flooding and economic losses of around $18 billion. 22 people died in the floods. In January, Cyclone Oswald in Australia led to flood damage of $1 billion in insured losses. South Africa, Indonesia and Argentina also suffered from heavy rain and large-scale flooding that cost many lives. In India, 1,150 people died following the floods in June and many people are still missing. The torrential rain and floods that hit Alberta in Canada last June generated insured losses of $2 billion, the highest insured disaster ever in the country. Reinsurers are estimating that prices will remain stable in 2014, mainly because of the stringent rules governing underwriting subscriptions, despite supply being high and the subsequent pressure that this is exerting on prices. Another effect that is creating greater competitive pressure is the issue of “cat bonds”, shares that enable reinsurance companies to transfer part of their risks to investors, allowing them to limit their losses if a natural disaster occurs. In 2008, cat bonds only accounted for 8% of the natural disaster market, whereas now the figure stands at 15%. (IL/transl.fl)