Extreme Weather in 2021 Brings Above-Average Claims to Global Insurers: Swiss Re

Extreme weather events in 2021, including a deep winter freeze, floods, severe thunderstorms, heatwaves and a major hurricane, resulted in estimated annual insured losses from natural catastrophes of US$105 billion, the fourth highest since 1970, according to Swiss Re Institute’s preliminary sigma estimates.

Man-made disasters triggered another US$7 billion of insured losses, resulting in estimated global insured catastrophe losses of US$112 billion in 2021, said Swiss Re.

While Hurricane Ida was the costliest natural disaster in 2021, winter storm Uri and other secondary peril events caused more than half of total losses as the effects of wealth accumulation and climate change drive claims in disaster-prone areas, said the report.

The two costliest natural disasters of the year were both recorded in the U.S.: Hurricane Ida and winter storm Uri. (The report was issued…