Hurricanes, earthquakes but also so-called “secondary” disasters, such as floods and seasonal storms, weighed on insurers’ bills in the first half of 2022. The economic losses caused by natural disasters amount to $72 billion. (70 billion euros).
According to Swiss Re, which delivers its first estimate on Tuesday, this figure is lower than that of the first half of 2021, during which economic losses worldwide had reached 91 billion dollars. But the Swiss group, which acts as an insurer for insurers, highlights the growing weight of so-called “secondary” disasters, which are increasingly costly.
Add human-generated disasters
February storms in Europe cost insurers $3.5 billion, according to Swiss Re estimates. at $3.5 billion. Finally, estimates for hailstorms and heavy rain in France amount to 4 billion euros for insured losses. And knowing, notes the expert, that the frequency of so-called “secondary” disasters, as opposed to major catastrophes such as earthquakes or hurricanes, are increasing everywhere in the world, the pain should continue to increase.
Note that by adding human-generated disasters, such as industrial accidents, economic losses from natural disasters and claims reached 75 billion dollars in the first half, compared to 95 billion dollars in the first half of 2021, quantified the reinsurer.
The bill for insurers amounted to 38 billion dollars, against 49 billion a year earlier. The bill for natural disasters alone (excluding human disasters), however, amounts to 35 billion dollars, or 22% above the ten-year average, calculates the reinsurer, which therefore warns of the effects of climate change.