Ian drives YTD nat cat insured losses to US$115bn

Hurricane Ian and other extreme weather events have resulted in an estimated US$115bn of natural catastrophe insured losses this year to date, according to data from the Swiss Re Institute.

These include the winter storms in Europe, flooding in Australia and South Africa as well as hailstorms in France and in the US.

This year is the second consecutive year in which the estimated insured losses total more than US$100bn, continuing the trend of a 5–7% average annual increase over the past decade. The re/insurance industry covered roughly 45% of the economic losses this year, indicating a large protection gap across the world.

Thierry Léger, group chief underwriting officer, said: "2022 has been another year of increased natural catastrophe loss activity, and demand for insurance is growing as the protection gap remains vast. To enable the insurance industry to keep up with increasing volatility and demand, it will be key to model evolving frequency and severity trends. Pricing needs to reflect the effective risk. In this complex environment, Swiss Re is ready to support clients with our strong balance sheet, risk capacity and expertise."

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