Natural catastrophes cost the insurance industry $40 billion (CHF37 billion) in the first half of 2021, according to preliminary figures published by reinsurer Swiss Re on Thursday.
This content was published on
2 minutes
Reuters-swissinfo.ch/ds
العربية
ar
الكوارث الطبيعية تتسبّب في خسائر فادحة لشركات التأمين
Economic losses caused by natural and human-caused disasters have been on the upswing for years, a separate survey by German reinsurer Munich Re revealed. They caused global economic losses to the tune of $77 billion, with the insurance industry responsible for covering $42 billion.
Swiss Re notes that this is the second-highest loss value ever recorded during the first six months of a year and is above the ten-year average of $33 billion. In the wake of climate change, so-called secondary natural hazards such as winter storms, hail, floods and forest fires are becoming an even greater burden.
“The experience so far in 2021 underscores the increasing danger posed by these hazards, as posed by these risks, as larger and larger segments of society are exposed to extreme weather events,” said Martin Bertogg, head of catastrophe losses at Swiss Re.
Bracing for second half
In the United States winter storm Uri alone caused an estimated $15 billion in insurance losses. German insurers are bracing for the second half of the year when they will likely need to absorb the €5.5. billion (CHF6 billion) in losses caused by summer floods.
Switzerland also experienced heavy rainfall and flooding this summer, causing damage estimated at CHF450 million.
Across the Atlantic the biggest threat is hurricane season, which is yet to come.
The costliest natural disaster of all time is the Tohoku earthquake, which occurred in Japan on March 11, 2011, according to Munich Re. In terms of insured losses, the costliest natural disaster to date is Hurricane Katrina, which hit New Orleans in summer 2005.
This content was published on
Most Swiss people are planning at least one holiday this year in spite of rising costs and inflation, according to a study.
Italian busted smuggling alcohol in milk and shampoo bottles into Switzerland
This content was published on
An Italian motorhome driver has been caught trying to smuggle 135 litres of pure alcohol disguised in various bottles into Switzerland.
Swiss debate double-barrelled names for spouses and registered partners
This content was published on
A reform to the country’s naming laws could permit married couples and registered partners to have a double-barrelled surname again in future.
SWISS CEO admits mistakes were made during pandemic
This content was published on
At the end of his tenure, Swiss International Air Lines (SWISS) CEO Dieter Vranckx is not all positive, admitting mistakes were made.
Swiss broadcaster appoints Eurovision Song Contest officials
This content was published on
The SBC Executive Board has appointed Reto Peritz and Moritz Stadler from SRF and RTS as the managers charged with overseeing the ESC 2025 task force.
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.
Read more
More
Who is to blame? A question at the heart of Swiss response to natural disasters
This content was published on
A shift in thought about the cause of natural disasters in the 19th century helped save lives and shape contemporary Switzerland.
Floods: images of the past help prepare for the future
This content was published on
A University of Bern research project aims to reinforce collective memory of floods by inviting citizens to submit their images.
You can find an overview of ongoing debates with our journalists here . Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.