Extreme weather events in 2021, which included a severe freeze, flooding, severe thunderstorms, heat waves and a major hurricane, led to annual insured losses from natural disasters of $ 105 billion, the fourth highest since 1970, reported the Swiss Re company.
This figure represented an increase of 17% compared to what was paid last year for the same concept.
Hurricane Ida was the costliest natural disaster this year and along with winter storm Uri and other secondary hazard events caused more than half of the total losses.
“The accumulation of wealth and the effects of climate change in disaster-prone areas generate claims (from policyholders),” the company explained.
Weather disasters accounted for 94% of total insured losses in 2021, but if you consider man-made catastrophes with $ 7 billion in insured losses, the global figure rises to $ 112 billion in 2021, according to the report.
“In 2021, insured losses from natural disasters once again exceeded the average of the previous 10 years, continuing the trend of an annual increase of 5 to 6% in losses observed in recent decades,” said Martin Bertogg, director of the natural disasters division at Swiss Re.
“At the same time, Hurricane Ida is a stark reminder of the threat and potential loss of maximum hazards. A single event of this type that affects densely populated areas can have a strong impact on annual losses, ”he added.
The most expensive events
The costliest natural catastrophe for insurers this year was Storm Ida, which caused flooding in New York. The sum of the claims that this event generated for the insurance companies ranged between 30,000 and 32,000 million dollars.
Meanwhile, the costliest event in Europe was the July flood in Germany, Belgium and nearby countries, which caused up to $ 13 billion in insured losses.
“The impact of natural disasters we have experienced this year highlights once again the need for significant investment in strengthening infrastructure to mitigate the impact of extreme weather conditions,” said Jérôme Jean Haegeli, chief economist of the Swiss Re Group. .
“By partnering with the public sector, the insurance industry is critical to strengthening society’s resilience to climate risks,” he added.
These figures, the company specified, exclude claims for Covid-19.
Also considering the uninsured losses, the total economic damages caused by natural catastrophes totaled $ 250 billion. This figure is 24% higher than in 2020.
Peak years
According to company information, 2017 has been the costliest year for insurance companies with insured losses of $ 161 billion, of which $ 154 billion were weather-related due to Hurricane Harvey, Irma and Maria.
2011 was also a peak year with insured losses totaling $ 253 billion, of which $ 145,000 were related to weather by natural events such as the Japan and New Zealand earthquakes and floods in Thailand.
Swiss Re Group is one of the leading reinsurance providers in the world. Anticipate and manage risks, from natural disasters to climate change, aging populations and cybercrime.
Reference-www.eleconomista.com.mx