Last year’s total global insurance bill from natural disasters was the fourth highest in a single year on Swiss Re’s records.
The company said global insurers faced a US$125bn bill from natural catastrophes in 2022. Its study A perfect storm: Natural catastrophes and inflation in 2022 reveals that global economic losses in 2022 totalled US$275bn, of which insurance covered 45%.
Hurricane Ian, which caused widespread damage across the south-east of the US and western Cuba, was the biggest loss event, with an estimated insured loss of $50bn-$65bn. This made 2022 the third most expensive hurricane season on record after 2005 and 2017.
Other disasters included floods, which led to $4.3bn in insured losses in Australia and cost $1.5bn in South Africa, while hailstorms in France cost $5bn and winter storms in Europe caused $4.1bn in damages. Insured losses from heatwaves and droughts totalled $1bn in Brazil, $800m in China and $600m in Europe.
(All figures in US$.)