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Natural Catastrophes Cost Insurers $125 Billion in 2022: Swiss Re

March 22, 2023

Natural disasters in 2022 brought global economic losses of US$275 billion, of which insurance covered 45%, or US$125 billion, according to Swiss Re’s latest sigma report.

Claims from Hurricane Ian in Florida, record breaking losses from hailstorms in France, floods in Australia and South Africa, winter storms in Europe and the U.S., as well as droughts in Europe, China and the Americas, added up to make 2022 the second consecutive year (2021: $121 billion) in which insured losses from natural catastrophes exceeded the US$100 billion mark and the fourth highest total for a single year on sigma records, said the report titled “Natural catastrophes and inflation in 2022: a perfect storm.”

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