Severe thunderstorms, earthquakes, extensive flooding and heatwaves have hit the global insurance industry for $50 billion in the worst start to a year for the industry since 2011, according to a major new study that further highlights the intensifying impact of the climate crisis.
Findings published by reinsurance group Swiss Re revealed that a series of severe convective storms in the U.S. caused $35 billion in insured losses alone, amounting to almost 70 percent of the global total.
Ten such events each results in losses of over $1 billion, yielding the highest insured losses from such storms in a six-month period.
The single costliest disaster both in terms of economic and insured losses, however, was the earthquake in Turkey and Syria, which caused insured losses estimated at $5.3 billion, according to Swiss Re.
Moreover, New Zealand was hit by its two costliest weather-related insured loss events since 1970 with combined insured losses estimated at $2.3 billion, while heavy rainfall in northern Italy in mid-May led to extensive flooding and expected insured losses over $600 million.
Since early July, the U.S,. northwestern China and southern Europe have also faced severe heatwaves, with dry weather conditions and strong winds aggravating wildfires on many Greek islands, as well as in Italy and Algeria. Swiss Re said it was too early to estimate the damages resulting from the fires, but they will fuel conc
Read More
