Global Cat Losses in 2020 Top $83 Billion
Swiss Re reports that insured losses from natural catastrophes and man-made disasters in 2020 totaled $83 billion. Losses from natural disasters accounted for over 90 percent of the total, racking up $76 billion in insured losses globally — a 40 percent increase from the year prior.
At $83 billion, 2020 is now the fifth-costliest year for the insurance industry since 1970, researchers note. In context with the year’s total global economic losses, insurance claims covered 45 percent, exceeding the ten-year-average of 37 percent, according to Swiss Re.
After the most active Atlantic hurricane season in recorded history, this figure doesn’t come as much of a surprise. However, despite the record-breaking activity through 30 named storms, losses were moderate, by comparison. Insurance claims from the year’s Atlantic hurricanes contributed $20 billion to the global insured loss total.