Global insured losses from Nat CATs at $50bn in 1H
Source: Middle East Insurance Review | Sep 2023
A series of widespread thunderstorms hit the US and account for 68% of global insured natural catastrophe losses in the first half of 2023, highlighting the increasing loss impacts of secondary perils, Swiss Re Institute estimates in a recent report.
The report said that the US thunderstorms is a main driver of global insured losses from natural catastrophes, well above ten-year average. It said that the February earthquake in Türkiye and Syria was the single costliest disaster both in terms of economic and insured losses.
The effects of climate change are evident in increasingly extreme weather events. Swiss Re group chief economist Jérôme Haegeli said, “The effects of climate change can already be seen in certain perils like heatwaves, droughts, floods and extreme precipitation. Besides the impact of climate change, land use planning in more exposed coastal and riverine areas and urban sprawl into the wilderness, generate a hard-to-revert combination of high value exposure in higher risk environments.”
In the first half of 2023, the overall economic losses from natural catastrophes amounted to $120bn, compared to $123bn the prior-year period, 46% above the ten-year average. M