قالب وردپرس درنا توس
Home / Insurance / Hurricanes, floods bring $120 billion in insured losses by 2022

Hurricanes, floods bring $120 billion in insured losses by 2022



(Reuters) — Hurricane Ian in the United States and floods in Australia helped make 2022 one of the costliest years on record for natural disasters, Munich Re said on Tuesday, warning that climate change was making storms more intense and frequent.

Losses from natural disasters covered by insurance totaled about $120 billion last year, similar to 2021 but less than 2017’s record losses, said Munich Re, the world’s largest reinsurer.

Munich Re’s annual tally was higher than the average of $97 billion in insured losses over the previous five years and exceeded an initial estimate of $115 billion last month by rival Swiss Re.

“Weather shocks are on the rise,”

; Ernst Rauch, chief climate scientist at Munich Re, told Reuters. “We cannot directly attribute climate change to any single severe weather event. But climate change has made extreme weather conditions more likely.”

Annual insured losses of $100 billion appear to be “the new normal,” he said.

Total losses from natural disasters, including those not covered by insurance, were $270 billion in 2022. That was down from about $320 billion in 2021 and close to the average for the previous five years.

The United States again accounted for a large portion of the losses with Hurricane Ian, which hit Florida in September and caused $60 billion in insured damages and $100 billion in total losses.

Flooding in Australia early in the year and again in October resulted in $4.7 billion in insured losses and $8.1 billion in total.

Record monsoon rains and accelerated melting of glaciers resulted in floods in Pakistan that killed at least 1,700 people and caused $15 billion in damage. Most of the damage was not covered by the insurance.

Scientists have said that the events of 2022 were exacerbated by climate change and that there is more – and worse – to come as the Earth’s atmosphere continues to warm over the next decade and beyond.

Insurance companies have in some cases raised the prices they charge as a result of the increasing likelihood of disasters and in some places have stopped providing coverage.


Source link