Floods and storms around the world weighed on insurers’ bills in the first half, with financial losses from natural disasters reaching $72 billion (€70 billion), according to a first estimate by Swiss Re, released today.
Although the figure is down from the first half of 2021, during which global losses reached $91 billion, the Swiss reinsurance group highlighted the growing burden from so-called secondary catastrophes, which are increasingly costly , including floods in Australia, winter storms in February in Europe or even heavy hail in France, according to the announcement.
Adding to that man-made disasters such as industrial accidents, financial losses from natural disasters and claims reached $75 billion in the first half compared to $95 billion in the first half of 2021, according to the reinsurer.
The bill for the insurers was $38 billion compared to $49 billion a year earlier. The bill for natural catastrophes alone (excluding man-made catastrophes) reaches $35 billion, 22% above the decade average, according to the insurer, which warns about the effects of climate change.
The frequency of so-called minor disasters, such as floods and storms, as opposed to major disasters such as earthquakes and hurricanes, is increasing around the world, the company said.
Storms in Europe in February cost insurers $3.5 billion, according to Swiss Re estimates. The bill for flooding in Australia following heavy rains in February and March has reached $3.5 billion “so far,” according to the company.
Source: AMPE
Source: Capital
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