Spritzler Insurance LLC examines global losses...OMG!
- snitzoid
- Dec 6, 2024
- 2 min read
Each year we offer 5 million Americans "end of days" coverage in case the world comes to an end. Wouldn't you know it, storms usually try to "off" humanity but nothing of the scale Noah experienced...and that's good for us!
Some Spritzler data...the WSJ can't do this. BAM. BTW...wildfires get way too much press. They don't get the job done.
Global Catastrophes
Insured losses from natural catastrophes totaled $130 billion, 76 percent above the 21st century average, and 18 percent higher than 2020, according to the 2021 Weather, Climate and Catastrophe Insight report from Aon.
Hurricane Ida was the largest insured loss event in 2021 and the fourth costliest hurricane on record with $36 billion in insured losses.
There were 20 billion-dollar insured loss events in 2021, the fourth highest on record. Insured losses of $17 billion from winter weather, was the costliest on record for this peril.
The $13 billion insured losses from European floods was the costliest disaster on record for the continent. Aon noted that roughly 38 percent of global economic losses were covered by insurance, translating to a protection gap of 62 percent.
Natural catastrophes in 2021 resulted in a total global economic loss of $270 billion, according to Swiss Re’s sigma report. Of those global economic losses, only $111 billion were actually insured. (Aon’s and Swiss Re’s figures differ because of different collection methods and criteria for classifying events).
According to the Swiss Re sigma report, man-made disasters totaled $10 billion in 2021, of which $8 billion were insured.
Natural-Catastrophes Insured Losses to Top $135 billion in 2024, Swiss Re Institute Says
The U.S. experienced two thirds of the insured losses
By Maitane Sardon, WSJ
Dec. 5, 2024 8:12 am ET
Estimated global insured losses from natural catastrophes like hurricanes and floods are on track to exceed $135 billion in 2024, according to a report from the Swiss Re SREN -0.08%decrease; red down pointing triangle Institute.
The research arm of the Swiss reinsurance firm said Thursday that 2024 is set to be the fifth consecutive year with losses from natural disasters and severe weather surpassing the $100-billion mark.
The growing loss burden was mainly driven by the concentration of value in urban areas, economic growth and rising rebuilding costs, Swiss Re said, noting that climate change is playing an increasing role in the losses.
The U.S. experienced two thirds of the insured losses, with Hurricane Helene and Hurricane Milton resulting in damages approaching $50 billion.
Europe and the Middle East were hit by major floods and saw insured losses of close to $13 billion. Of those, $10 billion were attributed to Europe, Swiss Re said. In Central Europe, floods caused by storm Boris hit the Czech Republic, Poland and Austria and also affected parts of Slovakia, Romania and Italy, it said.
“Economic development continues to be the main driver of the rise in insured losses resulting from floods, but also other perils, seen over many decades,” Swiss Re’s Group Chief Economist Jerome Jean Haegeli said. “With natural catastrophe risks rising and higher price levels, the annual increase of 5%-7% in insured losses will continue.”
The figures highlight the need for adaptation as well as an adequate insurance coverage, Haegeli said.
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