Second warmest year on record has huge insurance cost repercussions

An Insurance Business Magazine article.

The second-warmest year on record brought storms, fires and floods that killed at least 8,200 people and cost the world US$210 billion in losses, according to a report by Munich Re.

The insurer is still calculating where 2020 ranks against other calamitous years but said damages last year exceeded those of 2019, which saw US$166 billion in losses.

“Natural catastrophe losses in 2020 were significantly higher than the previous year,” Torsten Jeworrek, a member of Munich’s board of management said in the report.

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