The reinsurer presented its findings during a press briefing at the 2007 Baden Baden Reinsurance Meeting in Germany.

If anything, future prospects are even gloomier, according to Munich Re.

Weather-related natural hazard events are expected to increase in number and severity in future, due to the impacts of climate change, Munich Re said in a statement.

Faced with such uncertainty, insurers and reinsurers need reliable data, Munich Re said. This is especially relevant in Europe, with its densely populated cities.

Ludger Arnoldussen, a member of Munich Res board of management, said the group has made major strides in technology to deal with these risks. He pointed to an extensive data base on catastrophes, complete with wide geographical information and 25,000 entries.

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