Saturday, March 25, 2023

Natural disasters are becoming increasingly expensive

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Hundreds of billions

Natural catastrophes are costing insurers more and more

According to the reinsurer Munich Re, increasingly violent storms mean that natural catastrophe losses on earth can be expected to increase in the coming years. Insurers are facing hundreds of billions.

Hurricane Ian devastated the east coast of the United States. (archive image)

Last year, floods, storms, forest fires and other natural disasters caused economic damage of 270 billion dollars worldwide.

According to the company’s analysis, that was less than in the particularly expensive year 2021 (320 billion), but was part of the “loss-intensive” past five years, as Munich Re announced on Tuesday. The most expensive catastrophe was hurricane “Ian”, which hit the US east coast at the end of September 2022, at $100 billion.

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