Natural disasters result in USD120bn insured losses in 2021

Insurance major Munich Re has estimated around USD120bn of insured losses from natural disasters last year. Munich Re said that 2021 proved the second-most costly year on record marked by devastating hurricanes and cold snaps in the United States. The figure is higher than the estimate of USD105bn that its competitor Swiss Re published last month. The annual tally by Munich Re is second only to the USD146bn in damages recorded during the hurricane-ridden year of 2017. Munich Re said the US was hit by dozens of tornadoes in December last year, and Hurricane Ida and freezes in Texas earlier in the year accounted for an unusually large portion of the losses.