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Natural disasters cost insurers $120 billion in 2021, Munich Re says

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  • Second-most expensive 12 months
  • Tally is increased than Swiss Re estimate in December
  • U.S. accounts for prime portion of losses
  • Climate change to consequence in extra excessive climate

FRANKFURT, Jan 10 (Reuters) – Marked by devastating hurricanes and chilly snaps in the United States, 2021 proved the second-most expensive 12 months on document for the world’s insurers, Munich Re mentioned on Monday, warning that excessive climate was extra doubtless with local weather change.

Insured losses from pure catastrophes totalled round $120 billion final 12 months, second solely to the $146 billion in damages through the hurricane-ridden 12 months of 2017.

The annual tally by Munich Re , the world’s largest resinsurer, is increased than an estimate of $105 billion that competitor Swiss Re revealed final month. learn extra

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The U.S. – ravaged by dozens of tornadoes in December, and by Hurricane Ida and freezes in Texas earlier in the 12 months – accounted for an unusually giant portion of the losses, Munich Re mentioned.

“The pictures of pure disasters in 2021 are disturbing. Climate analysis more and more confirms that excessive climate has turn into extra doubtless,” mentioned Torsten Jeworrek, a member of Munich Re’s board.

Nearly 10,000 folks died from pure catastrophes, in line with earlier years. Total losses, together with these not lined by insurance coverage, have been $280 billion, the fourth-highest on document.