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2020 Disaster Losses Jump 35%

Wednesday, 03 31 2021, Category: Nature, Country: World
Total losses caused by natural and man-made disasters shot up by 35 percent to $202 billion in 2020, Swiss reinsurance giant Swiss Re said Tuesday.

The amount of losses covered by insurers increased by 40 percent from 2019 to $89 billion, making it the fifth-costliest year for the industry on record since 1970, Swiss Re said in a statement, revising its initial estimates upwards.

In mid-December, the Swiss group, which acts as an insurer for insurers, carried out an initial assessment, estimating the figure at $87 billion.

On the final reckoning of $89 billion, $81 billion in costs arose from natural disasters, the costs of which have increased by 48 percent compared to 2019, said Swiss Re, which again highlighted the increase in costs generated by so-called "secondary peril events".

Source: barrons.com
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