Insurers Hit By $89 Billion in Disaster Losses Last Year
According to a new report from Swiss Re, insurers were hit by $89 billion of losses from disasters in 2020, the fifth-costliest year for the industry in data going back five decades. Swiss Re said the bulk of those costs, which were higher than the previous 10-year annual average of $79 billion, were from natural catastrophes, including hurricanes Laura and Sally and a derecho storm in the United States. Total economic losses from natural and man-made catastrophes surged to $202 billion, up from $150 billion in 2019.
More than 70 percent of the insured losses from natural catastrophes last year were due to secondary perils, or natural catastrophes including snow, drought, and flash floods that typically spur smaller losses