Worldwide Insured CAT Losses: $115B Year-To-Date

According to reinsurance firm Swiss Re, global insured natural catastrophe losses have reached $115 billion in 2022, year-to-date, with hurricane Ian the main contributor at an estimated $50 billion to $65 billion.

2022’s global insured catastrophe losses are set to come in well-above the 10-year average of $81 billion, Swiss Re explained.

Once again, the year has seen a significant contribution to the annual loss tally from so-called secondary perils, with that category estimated to have caused more than $50 billion of the total.

2022 is now the second consecutive year in which the estimated insured nat cat losses reached over $100 billion, which Swiss Re notes continues the trend of a 5% to 7% average annual increase over the past decade.

The global insurance and reinsurance industry covered roughly 45% of the economic losses this year, indicating a large protection gap across the world, Swiss Re said.