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Home / Insurance / Insured cat loses $ 42 billion in first half year: Swiss Re

Insured cat loses $ 42 billion in first half year: Swiss Re



Insured disaster losses amounted to $ 42 billion in the first half of 2021, including $ 40 billion in natural disaster losses, the second highest first half year overall, according to a report Thursday from the Swiss Re Institute, part of Swiss Re Co. Ltd.

Winter storms, intense heat waves and severe floods around the world highlighted the growing risks from so-called so-called "secondary hazards."

The $ 42 billion in first-half insured disaster losses is well above the $ 33 billion 10-year average.

The winter storm Uri in February caused an estimated $ 15 billion in insured losses in the United States, the most ever recorded for this danger.

The winter storm Uri reached the magnitude of the loss that the highest dangers like hurricanes can trigger, said Martin Bertogg, head of cat dangers at Swiss Re, in the report. "The insurance industry needs to upgrade its risk assessment capabilities for these less monitored hazards in order to maintain and expand its contribution to economic resilience," he said.

Extreme heat broke temperature records across western Canada and the northwestern United States in June, with heat reaching more than 45 degrees Celsius (1

13 degrees Fahrenheit) and, along with severe drought conditions, leading to forest fires.

In July, severe floods caused about $ 5.3 billion to $ 6.5 billion in insured losses in Germany, according to the German Insurance Association.

In China, severe flooding in Henan Province caused an estimated $ 1.7 billion in insurance claims, according to the China Banking and Insurance Regulatory Commission. Catalog

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