Wildfires, US winter storms and tornadoes in Europe helped deal an estimated $40bn blow to global insurers in the first half of 2021, marking the worst start to a year for natural catastrophe insurance in a decade.
Reinsurance group Swiss Re said extreme weather caused by climate change and rapid urban development in disaster-prone areas had driven “ever higher natural catastrophe losses”. It represented the biggest insured first-half loss since earthquakes in Japan and New Zealand in 2011, and the second biggest on record for the period.
The North American winter storm Uri caused an estimated $15bn loss for insurers, the biggest hit for such an event on record.
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