Over the course of last year, global natural disasters and severe weather are estimated to have caused the insurance and reinsurance industry losses of US $95 billion, Munich Re estimates, while the economic cost of the same disasters is put at $250 billion by the reinsurer.
At $95 billion, global insured disaster losses are close to the 5-year average of $105 billion, Munich Re explained, but slightly above the 10-year average of $90 billion.
Unlike previous years, there were no mega-disaster events to push up the industry loss total, the reinsurer said.
Instead, significant losses from numerous severe storms were the main driver of 2023’s insured catastrophe losses.
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