Natural disaster losses soar in 2021

An Insurance Business Magazine article.

Natural disasters worldwide caused substantially higher losses in 2021 than in the previous two years, according to Munich Re’s 2021 Nat Cat report.

Based on provisional data, Munich Re found that storms, floods, wildfires, earthquakes, and other extreme weather events destroyed assets totalling US$280 billion in 2021, a dramatic increase from US$210 billion in 2020 and US$166 billion in 2019. According to the reinsurance giant, roughly US$120 billion of the US$280 billion total losses were insured, which is up from $82 billion in 2020 and $57 billion in 2019.

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