In 2023, natural catastrophes resulted in economic losses of USD 280 billion. Of these USD 108 billion (40%) were covered by insurance, above the previous 10-year average of USD 89 billion.
Natural Disasters Cost Insurance Industry $76B in 2020 – Swiss Re December 16, 2020
ZURICH, Dec 15 Natural disasters like wildfires which devastated parts of the United States and a record number of hurricanes in the Atlantic caused $76 billion in insured losses during 2020, Swiss Re said on Tuesday.
The 40% increase from $54 billion in 2019 dwarfed the $7 billion in man-made losses during 2020, the reinsurance company said in its sigma estimate for the year.
The total insurance industry losses of $83 billion made 2020 the fifth costliest year since 1970, the company said.
“Losses were driven by a record number of severe convective storms – thunderstorms with tornadoes, floods and hail – and wildfires in the U.S.,” Swiss Re said.
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Natural disasters cost insurance industry $76 billion in 2020, says Swiss Re
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Last Updated: Dec 15, 2020, 03:58 PM IST
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The 40% increase from $54 billion in 2019 dwarfed the $7 billion in man-made losses during 2020, the reinsurance company said in its sigma estimate for the year.
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ZURICH: Natural disasters like wildfires which devastated parts of the United States and a record number of hurricanes in the Atlantic caused $76 billion in insured losses during 2020, Swiss Re said on Tuesday. The 40% increase from $54 billion in 2019 dwarfed the $7 billion in man-made losses during 2020, the reinsurance company said in its sigma estimate for the year. The total insurance industry losses of $83 billion made 2020 the fifth costliest year since 1970, the company said.
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Natural disasters cost insurance industry US$76 billion in 2020 - Swiss Re Natural disasters like wildfires which devastated parts of the United States and a record number of hurricanes in the Atlantic caused US$76 billion in insured losses during 2020, Swiss Re said on Tuesday.
FILE PHOTO: The logo of insurance company Swiss Re is seen in front of its headquarters in Zurich, Switzerland February 12, 2019. REUTERS/Arnd WIegmann
15 Dec 2020 06:25PM Share this content
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ZURICH: Natural disasters like wildfires which devastated parts of the United States and a record number of hurricanes in the Atlantic caused US$76 billion in insured losses during 2020, Swiss Re said on Tuesday.