USA – Cyclone Aida and storm Yuri made 2021 one of the years with the highest costs for insurance companies

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Hurricane Aida and winter storm Yuri, which brought a wave of cold to Texas, made 2021 one of the highest cost years ever recorded for insurance companies, Swiss Re announced today.

Swiss reinsurance also warned that even greater losses are expected in the coming years as populations and industry face the prospect of increasingly serious weather events amid climate change.

The cost of natural disasters in 2021 amounted to $ 250 billion (221 billion euros), according to the first estimate of Swiss Re announced today, increased by 24% compared to 2020.

The bill for insurance companies stood at $ 105 billion this year, up 17% from a year earlier and the fourth highest since Swiss Re started keeping records in 1970.

“Natural disaster losses are likely to continue to rise more than global GDP given the increase in wealth, urbanization and climate change,” Swiss Re said in a statement with its annual report on gross domestic product.

More than 10,000 people have died or are still missing due to this year’s natural disasters, Swiss Re reported.

Insured damage from Hurricane Aida, which caused devastation from New Orleans to New York, amounted to $ 30-32 billion, while from the winter storm Yuri, which mainly hit Texas, $ 15 billion.

Flood damage in Germany and neighboring countries reached $ 13 billion.

Many of the events of 2021 have been exacerbated by climate change, scientists say, adding that more – and worse – is expected as the Earth’s atmosphere continues to warm over the next decade and beyond.

The year with the biggest losses recorded was 2017, with cyclones Harvey, Irma and Maria. This was followed in 2011 when strong earthquakes struck Japan and New Zealand and in 2005 when Hurricane Katrina devastated New Orleans.

Source: ΑΠΕ

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