Zurich, Switzerland
Reuters
Hurricane Ian and other natural catastrophes have caused an estimated $US115 billion of insured losses so far this year, well above the 10-year average of $US81 billion, Swiss Re estimated on Thursday.
Natural and man-made disasters did economic damage of $US268 billion, of which $US122 billion was covered by insurance, making 2022 one of the most expensive yet for the sector, it said.
Remains of destroyed houses are seen almost one month after Hurricane Ian landfall, in Fort Myers Beach, Florida, US, on 26th October. PICTURE: Reuters/Marco Bello
Ian, a category-4 hurricane which struck Florida in September, was the single largest loss-causing event of the year to date, with an estimated insured loss of $US50 to $US65 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 $US100 billion, in line with a five to seven per cent average annual increase over the past decade.
Secondary perils such as floods and hailstorms caused more than $US50 billion in insured losses, it said.
Widespread flooding in Australia after torrential rains in February and March caused an estimated $US4 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.
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.
