Insured losses from major natural disasters last year amounted to an estimated $ 116 billion – the third highest figure since 2011, according to a report released Thursday by Gallagher Re, the reinsurance unit of Arthur J. Gallagher & Co. Inc.
] Only the losses of $ 143 million in 2017 and $ 120 million in 2011, which is 61% higher than the average of $ 71 million for annual disaster losses since 2011, said Gallagher Re.
Tropical cyclones accounted for 35% of the total losses in 2021, followed by heavy thunderstorms of 25%. North America had 68% of the total losses, followed by Europe, the Middle East and Africa with 23%.
The figures do not include covid-19 or artificially insured losses.
The largest insured losses in the United States from a single event came from the hurricane Ida in August, which caused about $ 37 billion in property insured losses. Ida was the fifth most expensive hurricane ever and its effects included rapid flooding in New York City, which maintained precipitation at a rate of three inches per hour.
The hurricane season in the North Atlantic was the third most active ever, with 21 so-called storms. for the sixth year in a row above normal, said Gallagher Re.
Unusually cold weather and a series of winter storms during the first half of February affected the central and southern United States. From February 12 to 20, freezing temperatures and heavy snowfall were reported in Texas, Oklahoma, Arkansas, Missouri, Louisiana and Mississippi, with total insured losses estimated at close to $ 15 billion.
In Europe, the largest loss event was Storm Bernd in the middle of July, which caused more than $ 13 billion in insured losses, mainly in Germany and Belgium, including the largest German flood loss ever.
James Vickers, President, International, Reinsurance, at Gallagher Re, in a statement accompanying the report.