Insured losses from natural catastrophes consistently exceed the decade average
For the third year in a row, losses from natural catastrophe events have exceeded $100 billion, according to Bloomberg Intelligence. The main reason for the rapid growth of losses from natural disasters is climate change and the increased risk of floods, hurricanes and forest fires.
The report provides data on insured losses incurred by the largest insurance and reinsurance groups. For example, Munich Re assumed insurance liabilities worth $43 billion in the first half of the year, and Swiss Re – $50 billion.
According to a Bloomberg report, insured losses from natural disasters in 2022 amounted to $125 billion, compared to an average of $81 billion over the past 10 years and $110 billion over the past 5 years.
Earlier it was reported that Moody’s Investors Service estimated the insured losses from a large-scale fire on the Hawaiian island of Maui at $1 billion. The calculation of the insured damage was based on the data on damaged buildings and the average cost of a house.
As a reminder, PERILS, an analytical company that aggregates data on natural disasters, has increased its estimate of insurance industry losses from floods in the Italian region of Emilia-Romagna to 488 million. euros.