Catastrophe losses covered by insurance and reinsurance reached $78 billion in 2020 according to Willis Re, which the broker sees as 17% above the 10-year average.
The reinsurance broking arm of Willis Towers Watson (WTW) notes that the figure could have been much higher were it not for a number of near-misses throughout last year.
“The total does not reflect high levels of storm activity, because multiple hurricanes and tropical cyclones skirted major built-up areas last year,” Willis Re explained this morning.
