- Losses that had been insured rose to $82 billion from $57 billion in 2019
- Floods in China had been the most expensive particular person loss at $17 billion
- Local weather change will play a higher function in all of those hazards, says insurer
FRANKFURT: A high insurer stated Thursday that pure catastrophes throughout the globe brought about $210 billion in harm in 2020, with the US particularly laborious hit by hurricanes and wildfires.
The harm, tallied by the German reinsurer Munich Re, elevated from $166 billion within the earlier 12 months, and comes as a warming planet heightens dangers.
Losses that had been insured rose to $82 billion from $57 billion in 2019, Munich Re stated. They add to the burden of the coronavirus pandemic that has hit the insurance coverage business laborious.
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“Climate change will play an increasing role in all of these hazards,” stated Munich Re board member Torsten Jeworrek, pointing to hurricanes, wildfires and different storms.
“It is time to act,” he stated.
The hurricane season was “hyperactive”, with a report 30 storms, surpassing 2005’s 28 storms, Munich Re stated.
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Warmth waves and droughts are fuelling wildfires, with $16 billion in harm final 12 months within the US West.
Floods in China had been the most expensive particular person loss at $17 billion, however solely 2% of the harm was insured.