Natural catastrophes caused $115 BILLION in losses in 2022, exceeding $100 billion for the second year in a row
National disasters have caused a staggering $115 billion in losses this year after hurricanes, floods, violent storms and droughts wreak havoc around the world.
Hurricane Ian, which battered the southeastern US coast, was the largest event causing losses to insurers, leading to estimated payouts of up to $65 billion.
The Category 4 storm was the deadliest to hit Florida in nearly 90 years, devastating thousands of homes and businesses and killing at least 157 people.
Reinsurance giant Swiss Re estimates that Hurricane Ian was the second costliest insured loss on record, after Hurricane Katrina in 2005.
Homes are destroyed and roads are flooded after Hurricane Ian battered Florida in the second largest insured loss on record.
The Zurich-based group, which acts as underwriter for insurers, said: “Hurricane Ian and other extreme weather events, such as winter storms in Europe, flooding in Australia and South Africa, as well as hailstorms in France and the United States United, have resulted in an estimated $115 billion of insured losses from natural catastrophes this year to date.’
Martin Bertogg, Swiss Re’s head of cat risk, added: “Urban development, wealth accumulation in disaster-prone areas, inflation and climate change are all key factors at play, turning extreme weather into catastrophe losses. growing natural.
‘When Hurricane Andrew hit 30 years ago, a $20 billion loss event had never happened before; there have now been seven such hurricanes in the last six years.’
Europe has also been affected by extreme weather conditions this year, experiencing extreme droughts and wildfires in the summer and brutal storms in the winter earlier this year.
Fort Myers Beach was heavily damaged by the Category 4 hurricane which caused extensive damage to the southwestern part of Florida
A man stands in front of his destroyed home after Hurricane Ian in Matlacha, Florida
Firefighters operate at the site of a forest fire in Pumarejo de Tera, near Zamora, in northern Spain, on June 18.
An aerial view shows a completely dry branch of the Loire River after a drought hit France in Loireauxence, France, on August 16.
Children float after heavy monsoon rains caused flooding in Pakistan in August
Storm Eunice ripped through much of Europe in February, causing at least £360 million of damage in the UK alone.
Gusts of 122mph, the highest ever recorded in the UK, brought down houses and trees and even smashed the O2 Arena in London.
Winter storms in Europe in February led to estimated insured losses of more than $3.7 billion, putting winter storms back on the insurance industry’s agenda, Swiss Re said.
In Australia, in February and March, torrential summer rains caused widespread flooding in Australia, which, with an estimated value of $4 billion, is the costliest natural disaster in the country’s history.
Months later, Europe was sweltering in extreme heat as record temperatures paralyzed the continent.
Waves crash against the seawall in Porthcawl, South Wales, on February 18, 2022 as Storm Eunice battered Britain.
Damage to the white roof of London’s O2 Arena after winter storms wreak havoc
A rubble-strewn road from the roofs of three houses that were torn off during Storm Eunice, on Kilburn Park Road, in north-west London.
A man paddles his kayak past a submerged bus on a flooded street in the Australian city of Milton in February.
Flooding from a swollen creak near Sydney Australia forced the evacuation of hundreds of residents in March
Camden, in New South Wales (pictured on March 8), was hit by ‘catastrophic’ flooding after heavy rain
Scenes of flood damage in South Lismore, New South Wales where four people died
The UK experienced its highest heat of 104.5F in July, while the Loire, Rhine and Po rivers in France, Germany and Italy respectively went dry.
Forest fires ravaged Spain, Portugal and France, destroying vast tracts of forest, as authorities struggled to control the extreme weather.
Swiss Re said so-called secondary natural disasters, such as floods and hailstorms, caused more than $50 billion in insured losses.
Pakistan was hit by record monsoon rains that flooded a third of the country, an area the size of the United Kingdom, killing at least 1,700 people.
More than seven million people have been displaced, many living in makeshift tents with no mosquito protection and often little access to clean drinking water or washing facilities.
Drought affected dry river bed of the Doubs seen in Arcon France after the heat of summer
Firefighters try to control a forest fire in the municipalities of Landiras and Guillos in France in July
A thermometer reads 47 degrees in a square in Ourense in Spain as Europe was in the grip of a sweltering heat wave.
Men battle a forest fire burning in the village of Aventeira in Portugal as flames rage across Europe
Experts fear that rising temperatures could cause even more natural catastrophes in the coming years.
The UN Intergovernmental Panel on Climate Change said that if global warming is not limited to just a couple of tenths of a degree, an Earth now regularly battered by deadly heat, fires, floods and droughts in the coming decades will degrade from 127 ways, some of which will be ‘potentially irreversible’.
Today’s children who may still be alive in the year 2100 will experience four times as many climate extremes as now, even with just a few tenths of a degree more warming than today’s heat, the UN body warned.
But if temperatures rise by almost 2 degrees Celsius more from now (3.4 degrees Fahrenheit) it would feel five times as many floods, storms, droughts and heat waves, according to the IPCC’s compilation of scientists.
The daily lives of at least 3.3 billion people are already “highly vulnerable to climate change” and are 15 times more likely to die from extreme weather, the report says.
2022 marks the second year in a row that estimated insured losses have totaled more than $100 billion, continuing the trend of an average annual increase of 5 to 7 percent over the past decade.