Zurich: Natural disasters and extreme weather events caused nearly $250 billion in losses this year, a 24 percent increase from the previous year, according to the world’s largest reinsurance company. Swiss Ray, estimated on Tuesday.
For the insurance industry alone, “extreme weather events … including a deep winter cold, floods, severe thunderstorms, heat waves, and a major hurricane, annual insurance losses from natural disasters were estimated at $105 billion, a figure of 19. Fourth largest since 70.” Swiss Re said in a statement.
In fact, this year insured losses from natural disasters “exceeded the previous 10-year average, continuing the trend of 5-6 percent year-on-year increase in losses in recent decades,” the reinsurance giant said.
The two costliest natural disasters of the year were both recorded United States of america, said Swiss Re.
Hurricane Ida caused $30–32 billion in estimated insured damage, including flooding in the New York,
and winter storm Uri – which brought extreme cold and heavy snowfall causing power grid failure Texas – Caused $15 billion in insured losses.
The most expensive event in Europe was a flood Germany, Belgium and surrounding countries in July, which caused $40 billion in economic losses and $13 billion in insurance losses, Swiss Re calculated.
In addition to natural disasters, human-made disasters resulted in $9.0 billion in economic losses, a 38 percent decline over the previous year, and $7.0 billion in insured losses, Swiss Re said.
For the insurance industry alone, “extreme weather events … including a deep winter cold, floods, severe thunderstorms, heat waves, and a major hurricane, annual insurance losses from natural disasters were estimated at $105 billion, a figure of 19. Fourth largest since 70.” Swiss Re said in a statement.
In fact, this year insured losses from natural disasters “exceeded the previous 10-year average, continuing the trend of 5-6 percent year-on-year increase in losses in recent decades,” the reinsurance giant said.
The two costliest natural disasters of the year were both recorded United States of america, said Swiss Re.
Hurricane Ida caused $30–32 billion in estimated insured damage, including flooding in the New York,
and winter storm Uri – which brought extreme cold and heavy snowfall causing power grid failure Texas – Caused $15 billion in insured losses.
The most expensive event in Europe was a flood Germany, Belgium and surrounding countries in July, which caused $40 billion in economic losses and $13 billion in insurance losses, Swiss Re calculated.
In addition to natural disasters, human-made disasters resulted in $9.0 billion in economic losses, a 38 percent decline over the previous year, and $7.0 billion in insured losses, Swiss Re said.
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