Swiss Re Says Disaster Losses Hit $77 Bn In First Half
Muhammad Irfan Published August 12, 2021 | 05:20 PM
Zurich, (UrduPoint / Pakistan Point News - 12th Aug, 2021 ) :Total losses caused by natural and man-made disasters hit an estimated $77 billion in the first half of 2021, Swiss reinsurance giant Swiss Re said Thursday.
The Zurich-based group, which acts as an insurer for insurers, said severe weather events including winter storm Uri in the United States and June storms in Germany and its neighbours pushed up its losses.
"Of the total estimated economic losses in the first half of 2021, $74 billion were caused by natural catastrophes, while man-made disasters triggered an additional $3 billion," Swiss Re said in a statement.
The reinsurer said that extreme heat in June shattered temperature records in western North America, which led to wildfires in southern California.
"The effects of climate change are manifesting in warmer temperatures, rising sea levels, more erratic rainfall patterns and greater weather extremes," said Martin Bertogg, Swiss Re's head of catastrophe perils.
"Taken together with rapid urban development and accumulation of wealth in disaster-prone areas, secondary perils such as winter storms, hail, floods or wildfires lead to ever higher catastrophe losses." Going into the second half of the year, July saw flooding cause property destruction and loss of life in Europe and China.
Meanwhile, this month's wildfires in Turkey, Greece and Italy, fuelled by extreme heat, are expected to lead to further losses.
"The experience so far in 2021 underscores the growing risks of these perils, exposing ever larger communities to extreme climate events," Bertogg said.
He said Uri reached the loss magnitude expected of peak perils such as hurricanes.
"The insurance industry needs to upscale its risk assessment capabilities for these lesser-monitored perils to maintain and expand its contribution to financial resilience," said Bertogg.
Related Topics
Recent Stories
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 27 April 2024
Today Gold Rate in Pakistan 27 April 2024
HEC reviews curricula for environmental sciences degree programme
ICC Asia looking forward to an action-packed Asia Cricket Week
Yuvraj Singh named ICC Men’s T20 World Cup 2024 Ambassador
Greece hands Olympic flame to 2024 Paris Games hosts
Two Kyiv hospitals evacuating over feared Russian strikes
World must act on neurotech revolution, say experts
Charles & Catherine's cancer diagnoses
Champions Alcaraz and Sabalenka through in Madrid Open
King Charles to resume some public duties during cancer treatment: palace
US defense chief announces $6 bn in security aid for Ukraine
More Stories From Miscellaneous
-
Modern Education Techniques: A pathway to achieve economic development
22 hours ago -
Kite Flying: From cultural festival to deadly sport
23 hours ago -
PDMA predicts gusty wind, rain with thunder, hails
4 days ago -
Iranian president Raisi given guard of honour at PM House
5 days ago -
Intellectuals, writers accolades Naseer Mirza on his literary contribution
5 days ago -
Bahawalpur Adabi Sangat hosts memorable mushaira
6 days ago
-
Cattle farming vital to alleviate poverty in rural areas
6 days ago -
Pakistan: A land of tourism, archeological wonders
6 days ago -
Transforming education sector: from job hunters to job creators
8 days ago -
Amjad Bobby remembered on 19th death anniversary for timeless contributions to music
12 days ago -
Legendary actor Nadeem’s 26 films released on Eid-ul-Fitr days in 50 years
13 days ago -
Besant Hall Cultural Centre to celebrate evening with Sanam Marvi on 26 April
13 days ago