According to Swiss Re, Hurricane Ian and other natural disasters have caused an estimated $115 billion in insured losses so far this year, far exceeding the 10-year average of $81 billion.
Natural and man-made disasters caused $268 billion in economic damage, of which $122 billion was covered by insurance, making 2022 one of the most expensive years in the sector’s history, according to the report.
Ian, a category-4 hurricane that hit Florida in September, was the year’s single largest loss-causing event, with an estimated insured loss of $50-65 billion. That would place it only second to Hurricane Katrina in 2005.
According to Swiss Re, 2022 will be the second consecutive year in which estimated insured losses exceed $100 billion, following a 5-7% average annual increase over the previous decade.
Secondary perils such as floods and hailstorms resulted in more than $50 billion in insured losses, according to the report.
Flooding in Australia caused by torrential rains in February and March caused an estimated $4 billion in damage, making it the country’s most expensive natural disaster.
France experienced the most severe hailstorms ever recorded, with insured losses estimated at 5 billion euros ($5.2 billion).
Swiss Re estimates that over 11,000 people have died in natural and man-made disasters this year, excluding the death toll from Europe’s severe heat waves.
In January, Munich Re will publish its annual catastrophe report.