Global insurance losses from disasters amounted to $ 31 billion in the first half of 2020, an increase of 34.8% from $ 23 billion in the first half of 2019, said Swiss Re Ltd. in a report Tuesday.
Natural disasters accounted for $ 28 billion of the insured losses, with most losses from secondary hazard events, such as thunderstorms in North America, playing a "significant role," Swiss Re said.
Severe convective storms including thunderstorms with tornadoes, floods and hail in North America caused insurance losses of more than $ 21 billion, the most since the first half of 2011, Swiss Re said. In June, Calgary, Canada, suffered losses of $ 1 billion from hail damage, the most costly hail event ever in Canada.
Global insurance losses from natural disasters increased 47.4% to $ 28 billion in the first half of 2020 from $ 1
Global economic losses from natural and human disasters in the first half of 2020 amounted to $ 75 billion, according to Swiss Re Institute's preliminary estimates, up 31.6% from $ 57 billion in the first half of 2019.
Approximately 40% of the The financial losses, $ 31 billion, were covered by insurance, Swiss Re said.
Over the past ten years, initial insurance claims have averaged $ 36 billion annually. Disaster loss estimates are for property damage and exclude COVID-19 related claims, Swiss Re said.
Of the $ 75 billion in total global economic losses in the first half of 2020, natural disasters accounted for $ 72 billion, an increase of 38.5% from $ 52 billion in the first half of 2019. The other losses of $ 3 billion were caused by human disasters, from $ 5 billion in the first half of 2019.