Aspen Claims Service

U.S. Dominates Global Insured Losses From Natural Disasters In H1 2022

 Friday, July 29, 2022

 Reinsurance News

Once again, the U.S. led the way in the first half of 2022 with the highest level of weather-related losses, which, globally, reached $65 billion in the period, of which slightly more than 50% were covered by re/insurance, according to Munich Re.

The reinsurer’s H1 2022 natural disaster review examines a period dominated by weather-related catastrophes in numerous parts of the world.

Overall, events in the period drove economic losses of $65 billion, which is down on last year’s $105 billion, with insured losses staying roughly the same at approximately $34 billion, reports Munich Re.

In terms of insured losses, the costliest event was the extreme rainfall and floods in eastern Australia at a provisional $3.7 billion, with economic losses from this event totalling $6.6 billion. Record levels of rainfall occurred in parts of Queensland and New South Wales, with some areas recording their highest flood peaks since 1893.

However, the U.S. dominates the loss figure for H1 2022, with overall losses reaching a significant $28 billion, of which $19 billion were insured.

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