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Insured Disaster Losses To Exceed $100 Bn: Swiss Re
By AFP News 12/07/23 AT 7:15 AM EST Share on Facebook Share on Twitter Share on LinkedIn Share on Reddit Share on Flipboard Share on Pocket
Insured losses from natural calamities will exceed $100-billion for the fourth year uninterruptedly in 2023, reinsurance mammoth Swiss Re revealed Thursday. Insured losses due to severe thunderstorms hoisted an all-time high of $60 billion in 2023, while the February earthquake in Turkey and Syria was the costliest natural disaster yet this year, it revealed.
“With 2023 likely to be the hottest year on record, the consequences of climate change are becoming apparent,” said the company. Nevertheless, the calculated estimate total insured losses in 2023, at $108 billion, is 23 percent lower than the $141 billion posted up in 2021. Total economic losses were estimated at $269 billion, falling 9 percent over2 2021.
Natural catastrophes accounted for the large majority of the insured and total losses. Swiss Re noted in particular the impact of a raising amount of rising low-to-medium-severity events. “The cumulative consequence of frequent, low-loss events together with increasing property values and repair costs has a significant affect an insurer’s profitability over a longer period of time,” Swiss Re’s Group Chief Economist Jerome Haegeli has said.
Swiss Re has calculated that losses due to severe thunderstorms have risen on an average 7 percent every year for the past 30 years. Severe thunder-storm losses in 2021 were more than two and a half times the previous 10-year reserves of $27 billion. The United States has been the most affected by severe thunderstorms, reporting 18 events that cascaded more than $1 billion in insured losses this year, with total insured losses over passing $50 billion for the first time.
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