Natural catastrophes cause damage of US$ 270,000 million in 2022

The natural disasters caused in 2022 losses of US$ 270,000 million (252,336 million euros), of which US$ 120,000 million (112,150 million euros) were insured, according to figures that the reinsurer Munich Re published today.

These are lower than the record figures of US$ 320,000 million in 2021 (299,065 million euros).

The insured amount in 2022 has been maintained compared to the figures of the previous year and exceeds the average of the last five years between 2017 and 2021 of US$ 97,000 million (90,654 million euros).

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“The continued high level of insured losses impacts insurers at a time when they have to face high inflation rates and a reduction in their capital base due to rising interest rates,” according to Munich Re.

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The hurricane Ian, that came to the coast of Florida in September with speeds of almost 250 km/h, it cost more than a third of the total losses, some US$ 100,000 million (93,458 million euros), and half of the insured losses worldwide, US$ 60,000 million (56.075 million euros).

“In terms of inflation-adjusted insured losses, Ian was the second costliest tropical cyclone after Hurricane Katrina in 2005,” adds Munich Re.

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“In 2022, the La Niña weather phenomenon occurred for the third consecutive year, increasing the probability of hurricanes in North America, floods in Australia, droughts and heat waves in China and heavy monsoon rains in parts of South Asia”explains Munich Re’s Chief Climate Scientist, Ernst Rauch.

The cost of losses caused by flooding in Pakistan It is US$ 15,000 million (14,019 million euros), almost nothing was insured and many people lost all their belongings, in addition to the 1,700 people who lost their lives.

The second costliest natural disaster in 2022 for insurers was the flooding in southeastern Australia in February and March, in the states of Queensland and New South Wales and in Brisbane and Sydney, for a total value of US$ 6.6 billion (6.168 million euros), some US$ 4 billion (3.738 million euros) were insured .

The floods in Australia caused in 2022 total losses of US$8.100 million (7.570 million euros), of which US$4.700 million (4.392 million euros) were insured.

Source: EFE