6-Month Insurance Losses From Natural Disasters Jan-Jun 2021 Highest Since 2011 Tohoku Earthquake
Insurers will have to pay out the largest amount of compensation in 10 years to cover the damage caused by natural disasters in the first half of 2021, including extreme freezing temperatures in the US, according to an industry report. Global natural disaster insured losses, the amount insurers are forecast to pay out, will be as high as $42bn (£31bn) for the six-month period, according to preliminary estimates by Aon, an insurer headquartered in London.
Climate scientists have long predicted that the global climate crisis will contribute to more frequent extreme weather events, such as storms, floods and heatwaves, across the world.
Twenty-one weather events caused losses to the broader economy of more than $1bn, as well as an earthquake. The rise in insured losses was mainly caused by extreme weather events in the US, including the freezing conditions that caused chaos and electricity blackouts in southern states including Texas in February. The event – caused by a “polar vortex” that swept Arctic air southwards – resulted in insured losses of $15bn, making it the costliest instance of extreme winter weather on record.
Overall economic losses came in below their 10-year median, at $93bn, Aon said. The deaths of 3,000 people were associated with natural disasters, which was also lower than the 10-year average. Natural disasters tend to be more costly for insurers in richer countries where businesses and citizens are more likely to be insured.
EDIT
https://www.theguardian.com/business/2021/jul/21/2021s-extreme-weather-leads-to-insurers-biggest-payout-in-10-years
