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Natural disasters: 2021, one of the costliest years for insurers

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Magazine Issue: 
Insurance: the new trends [3]
Magazine date: 
Jan 2022

Catastrophe NaturelleAccording to a Munich Re study, the cost of damages caused by natural disasters [4] reached 280 billion USD in 2021, increasing by 33% compared to 2020.

As for the amount of insured losses, it stands at 120 billion USD, that is, 43% of the total cost of claims. This balance makes 2021 the second most costly year for insurers after 2017.

Hurricanes, fires and tornadoes occurring in the United States in 2021 account for the largest share of insured damages (85 billion USD). The highest loss being hurricane Ida with an amount of 36 billion USD.

As for the insured losses caused by floods in Europe, they amount to 11 billion USD, including 8.2 billion USD for Germany.

All the climatic events of 2021 have resulted in the loss of nearly 10 000 lives.

Read also | The reinsurance market unable to absorb the systemic risk of climate change [5]

Tue, 11/01/2022 - 16:33

Source URL: https://www.atlas-mag.net/en/article/natural-disasters-2021-one-of-the-costliest-years-for-insurers

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[3] https://www.atlas-mag.net/en/issue/atlas-magazine-n-187-january-2022
[4] https://www.atlas-mag.net/en/article/natural-disasters-in-2021
[5] https://www.atlas-mag.net/en/article/munich-re-the-reinsurance-market-unable-to-absorb-the-systemic-risk-of-climate-change