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Home / Insurance / Natural disasters cost insurance companies $ 120 billion 2021: Munich Re

Natural disasters cost insurance companies $ 120 billion 2021: Munich Re



(Reuters) – Marked by devastating hurricanes and cold snaps in the United States, 2021 proved to be the second most expensive year ever for the world insurance company, Munich Re said on Monday, warning that extreme weather was more likely with climate change.

Insured losses from natural disasters amounted to approximately $ 120 billion last year, after $ 146 billion in damages during the hurricane-hit year 2017.

The annual aggregation of Munich Re, the world's largest reinsurer, is higher than an estimate of 105 billion dollars that competitor Swiss Re published last month.

The United States – ravaged by dozens of tornadoes in December and by Hurricane Ida and freezing in Texas earlier this year ̵

1; accounted for an unusually large share of the losses, Munich Re said.

"The images of natural disasters in 2021 are worrying. "Extreme weather has become more likely," said Torsten Jeworrek, a member of the Munich Travel Board.

Nearly 10,000 people died in natural disasters, in line with previous years. USD 196, the fourth highest ever.

Hurricane Ida, which stretched from New Orleans to New York, resulted in $ 36 billion in insured losses. also billions.

"Disaster statistics 2021 are striking because some of the extreme weather events are of the kind that are likely to become more common or more serious "As a result of climate change", says Ernst Rauch, Head of Climate and Geoscientists at Munich Re. to heat up over the next decade and beyond.

The most expensive year ever was 2017, with Hurricanes Harvey, Irma and Maria. Other difficult years were 2011, when major earthquakes hit Japan and New Zealand, and 2005, when Hurricane Katrina ravaged New Orleans.

some places have stopped providing coverage.

When insurance companies warn of climate change and the costs associated with it, they themselves are under pressure from activists to stop insuring certain industries.


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