Inflation and accumulation of property assets in exposed areas were main loss drivers, the Zurich-based reinsurance company said on Wednesday.
Around half of the losses caused by natural disasters – some $125 billion – were covered by insurance. This confirms the trend that insured losses increase by an average of 5% to 7 % annually, Swiss Re said.
2022 was the second consecutive year in which insures losses from natural disasters exceeded the $100 billion mark, according to Swiss Re.
Insured losses were fairly consistent with the 2021 figure of $130 billion of insured losses, while economic losses were in fact lower than the previous year’s $303 billion, according to the estimates.
Hurricane Ian
Last year, Hurricane Ian was by far the most expensive event. It hit Florida in September and caused insurance losses of $50 to $65 billion.
A series of storms in northwestern Europe caused over $4 billion in insured losses early last year. France recorded the highest hail losses ever in one year, at $5 billion.
Damage caused by floods were above average worldwide, notably in eastern Australia.
At the same time, crop yields in Brazil, especially for soy and corn, suffered from severe droughts and record heat waves, according to Swiss Re.
Related Stories
Popular Stories
More
Global elections
Does democracy really make the world more peaceful?
Thyssenkrupp Presta cuts 570 jobs in Switzerland and Liechtenstein
This content was published on
The group specialising in the production of steering systems for cars, will cut up to 570 jobs in Liechtenstein and the Swiss canton of Appenzell Innerrhoden.
Poll: 63% of Swiss want to vote again on fighter jet procurement
This content was published on
Two out of three Swiss people want to vote again on the purchase of a jet for the air force, according to a representative poll published today by the information portal Infosperber.
Switzerland halts work on futuristic underground freight transport facility
This content was published on
The federal government, the local cantons and the city of Zurich are suspending further work on the Cargo Sous Terrain project for an underground freight transport facility.
Lucerne wants to introduce a flat-rate naturalisation fee
This content was published on
The city council would like to introduce a flat fee of CHF500 per application. This would be significantly lower than the current fee, which is based on the amount of processing required.
Roche claims success against breast cancer in phase III clinical trials
This content was published on
Roche has achieved positive results from the phase III evERA study combining its experimental treatments giredestrant and everolimus against a specific form of breast cancer.
Swiss intelligence not doing enough against left-wing extremism
This content was published on
The Federal Intelligence Service (FIS) is not utilising all the resources available within the legal framework in the fight against left-wing extremist violence.
Anti-mafia crusader Roberto Saviano receives thunderous applause in Switzerland
This content was published on
Roberto Saviano appeared at the Endorfine International Festival. Lugano. Stating that after 20 years of struggle he does not intend to leave victory to the Mafia, the Neapolitan writer drew thunderous applause.
This content was published on
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…
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.