Insured Losses From Extreme Weather Events In 2022 Amount To $115Bln - Institute

MOSCOW (UrduPoint News / Sputnik - 01st December, 2022) As a result of natural disasters in 2022, insured losses amounted to $115 billion, which is significantly higher than the 10-year average of $81 billion, according to a Swiss Re Institute press release, published on Thursday.

"Hurricane Ian and other extreme weather events such as the winter storms in Europe, flooding in Australia and South Africa as well as hailstorms in France and in the US resulted in an estimated USD 115 billion of natural catastrophe insured losses this year to date," the document read.

The institute noted that 2022 is the second year in a row when estimated insured losses amount to over $100 billion, continuing the trend of an average annual increase of 5-7% over the past decade.

"The re/insurance industry covered roughly 45% of the economic losses this year, indicating a large protection gap across the world," the institute added.

The climate crisis has reportedly intensified natural disasters in 2022, causing unprecedented destruction across the globe.