National disasters have caused a staggering $115billion of losses this year after hurricanes, flooding, violent storms and droughts wreaked havoc across the globe.
Hurricane Ian, which battered the southeast coast of the US, was the single largest loss-causing event for insurers, causing estimated payouts of up to $65billion.
The Category 4 storm was the deadliest to strike Florida in nearly 90 years, ravaging 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 ever, after Hurricane Katrina in 2005.
Homes are destroyed and roads are flooded after Hurricane Ian battered Florida in the second biggest ever insured loss
The Zurich-based group, which acts as an insurer for insurers, said: ‘Hurricane Ian and other extreme weather events such as the winter storms in Europe, flooding in Australia and South Africa as well as hailstorms in France and in the United States resulted in an estimated $115billion of natural catastrophe insured losses this year to date.’
Martin Bertogg, Swiss Re’s head of catastrophe perils, added: ‘Urban development, wealth accumulation in disaster-prone areas, inflation and climate change are key factors at play, turning extreme weather into ever rising natural catastrophe losses.
‘When Hurricane Andrew struck 30 years ago, a $20billion loss event had never occurred before; now there have been seven such hurricanes in just the past six years.’
Europe has also been in the grips of extreme weather this year, experiencing extreme droughts and wildfires in the summer and brutal storms in the winter earlier this year.
Fort Myers Beach sustained severe damage by the Category 4 hurricane which caused extensive damage to the southwest portion of Florida
A man stands in front of his destroyed house in the aftermath of Hurricane Ian in Matlacha, Florida
Firefighters operate at the site of a wildfire in Pumarejo de Tera near Zamora, northern Spain, on June 18
An aerial view shows a branch of the Loire River completely dried up after a drought hit France in Loireauxence, France, August 16
Children float after heavy monsoon rainfalls brought flooding across Pakistan in August
Storm Eunice battered much of Europe in February, causing at least £360million of damage in the UK alone.
Gusts of 122mph, the highest ever recorded in the UK, brought down homes and trees and even tore apart the O2 Arena in London.
The winter storms in Europe in February prompted estimated insured losses of over $3.7billion, putting winter storms back on the insurance industry’s agenda, Swiss Re said.
In Australia in February and March, torrential summer rains led to widespread flooding in Australia that, at an estimated $4billion, is the country’s costliest-ever natural catastrophe.
Months later, Europe was sweltering under extreme heat as record temperatures brought the continent to a standstill.
Source: dailymail.co.uk
