Global reinsurance giant Munich Re has estimated that insurance industry losses from natural disasters or catastrophes in 2021 were roughly US $120 billion, the second-highest annual total ever.
This is a higher total than most sources had been discussing, as we’d been hearing that annual natural catastrophe and severe weather insured losses might reach $110 billion, once the December tornado outbreak in the United States was added to earlier preliminary totals.
As a reminder, insurance and reinsurance broker Aon had pegged 2021 insured catastrophe losses as 13% above the annual decadal average by mid-November, having reached roughly $107 billion.
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