Insured losses from natural catastrophes topped $100 billion for the second year in a row, reinsurer Swiss Re said on Wednesday. Read More...
Insured losses from natural catastrophes topped $100 billion for the second year in a row, reinsurer Swiss Re said on Wednesday.
Swiss Re SREN, +0.91% said insurance covered $132 billion worth of the $284 billion in economic damage caused by catastrophes including Hurricane Ian, hailstorms in France and floods in Australia and South Africa.
That’s down very slightly from the $130 billion of insured damage on $303 billion worth of harm in 2021. The 10-year average is $91 billion of insured damage per year.
The reinsurer said inflation also has increased the nominal value of buildings, vehicles and other insurable assets, thus pushing up insurance claims for damage caused by natural catastrophes.
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