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22nd March 2023
Insured losses from natural catastrophes break through $100bn threshold again in 2022-Swiss Re
Trend
With Hurricane Ian in Florida, record breaking losses from hailstorms in France, floods in Australia and South Africa, winter storms in Europe and the US as well as droughts in Europe, China and the Americas, 2022 was the second consecutive year in which insured losses from natural catastrophes exceeded the $100bn mark. This reaffirms the trend of a 5–7% average annual increase in insured losses over the past three decades, reveals Swiss Re’s latest sigma report.
"The magnitude of losses in 2022 is not a story of exceptional natural hazards, but rather a picture of growing property exposure, accentuated by exceptional inflation", said Martin Bertogg, head of Catastrophe Perils at Swiss Re. "While inflation may subside, increasing value concentration in areas vulnerable to natural catastrophes remains a key driver for increasing losses. For our industry this is a call both to reflect the latest exposure even more carefully in risk assessments while continuing to support society in being better prepared."
Swiss Re Trends(823 articles)
