Insured losses for natural, man-made hit $112bn in 2021

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The insured losses caused by natural and man-made catastrophes have reached 112 billion USD in 2021 according to Swiss Re report.

The cost of damages caused by natural disasters alone amounts to 105 billion USD, representing a 17% increase over one year.

2021 is considered as the fourth most expensive year for the world insurance market since 1970.

Hurricane Ida which hit the United States in August constitutes the highest loss of 2021. For this climatic event, insurers are expecting a bill between 30 and 32 billion USD.

This catastrophe is followed by the winter storm Uri (Texas) and the floods in Germany and Belgium. The latter would have caused insured losses of 15 billion USD and 13 billion USD respectively.

The total cost of economic damages is estimated at 259 billion USD, of which 250 billion USD are due to natural catastrophes and 9 billion USD to man-made losses.

Swiss Re’s analysis does not take into account the historical tornadoes that ravaged the central and southern United States in 2021.

According to the reinsurer, the toll could increase further by the end of the current year.

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