Economic losses associated with natural disasters and catastrophes are estimated at $ 77 billion globally in the first half of 2021, although they have fallen by 33% in one year, the Swiss reinsurer “Swiss Re” announced on Thursday.
Hail, heat waves and floods led to a global $ 42 billion “insurance” loss in the first six months of 2021, one billion more than in the past. Even four billion more than last year and the ten-year average, according to preliminary figures from the Swiss Institute.
In the United States alone, winter storms caused insurance losses of $ 15 billion, especially due to heavy snowfall. The magnitude of the losses has reached hurricanes.
In June, thunderstorms, hail and hurricanes hit Europe, particularly Switzerland, Germany, Belgium, the Netherlands and the Czech Republic, causing $ 4.5 billion in insurance damage to homes and vehicles.
By the end of the month, Canada and the northwestern United States had found themselves in temperatures reaching 45 degrees, supporting the fire that had spread to southern California.
In July, deadly floods hit Europe and China. For Germany alone, the insured damage is estimated at 4.5 to 5.5 billion euros. In China, the bill will reach $ 1.7 billion.
The Swiss team notes that the current fires in Turkey, Greece and Italy could lead to further damage.
These events demonstrate “emerging risks from secondary risks induced by urban development and climate change”. These dangers expose more people to “extreme weather events”. The insurance industry “needs to improve its rating capabilities for these less protected risks in order to maintain and expand its contribution to financial security.”
Man-made disasters are expected to have generated $ 2 billion in insured damage, which is less than usual, and there are still restrictions related to Govt-19.
Since the beginning of the year, economic losses have been estimated at $ 77 billion, down 33% in one year. However, in the coming months they will grow more than the damage, the reinsurer warns. He also points out that nearly 4,500 people died or went missing in these disasters.