Natural disasters in the first half of 2022 caused an estimated US$35 billion in insured losses, 22% above the average over the past 10 years, according to a Swiss Reinsurance Co. report. Ltd.
The costliest natural disaster for the insurance industry in the first half of 2022 was floods in Australia, which caused close to $3.5 billion in insured flood losses.
Artistic events caused an additional $3 billion in insured losses, bringing total catastrophic insured losses to $38 billion.
A series of winter storms in Europe, unprecedented flooding in Australia and a number of thunderstorms in the US and Europe led to losses across continents, Swiss Re said.
“The effects of climate change are evident in increasingly extreme weather events, such as the unprecedented floods in Australia and South Africa. This confirms the trend we have observed over the past five years, that secondary perils are driving insured losses in all corners of the world,”; says Martin Bertogg, head of catastrophe risk at Swiss Re, in a statement accompanying the report.
In February and March, downpours led to widespread flooding in Australia, setting a record for flood losses in the country so far at close to $3.5 billion, according to Swiss Re.
In February, a series of winter storms hit Europe, causing estimated insured losses of $3.5 billion.