Hurricane Ian and other natural catastrophes have caused an estimated $115 billion of insured losses so far this year, well above the 10-year average of $81 billion, Swiss Re estimated on Thursday.
Natural and man-made disasters did economic damage of $268 billion, of which $122 billion was covered by insurance, making 2022 one of the most expensive yet for the sector, it said.
Ian, a category-4 hurricane that struck Florida in September, was the single largest loss-causing event of the year to date, with an estimated insured loss of $50-65 billion. That would put it second only to Hurricane Katrina in 2005.
Swiss Re said that 2022 was the second consecutive year in which estimated insured losses surpassed $100 billion, in line with a 5-7% average annual increase over the past decade. Secondary perils such as floods and hailstorms caused more than $50 billion in insured losses, it said.
Widespread flooding in Australia after torrential rains in February and March caused an estimated $4 billion in damage in the country’s costliest-ever natural catastrophe. France suffered the most severe series of hailstorms ever observed, with insured losses reaching an estimated 5 billion euros ($5.2 billion). Swiss Re estimated that more than 11,000 people have died in natural and man-made disasters so far this year, excluding the death toll from severe heat waves in Europe. Munich Re is due to release its annual catastrophe report in January. ($1 = 0.9626 euros) (Reporting by Paul Arnold, writing by Michael Shields, editing by Alexander Smith)
