Geneva.– The losses of insurance firms due to natural catastrophes in the first half of 2023 stood at 50,000 million dollars (45,500 million euros), almost double the annual average of the last ten years in the same period, said today a report from the largest global reinsurer, Swiss Re.
Storms in the US caused 68% of these losses globally (34,000 million dollars, 31,800 million euros), and the total represents the second highest figure since 2011.
The figures “show that the annual growth trend of 5% to 7% in insured losses is maintained,” said the head of Swiss Re’s catastrophe risk department, Martin Bertogg, in the press release issued by the company.
According to the report, the earthquake in Turkey and Syria was the disaster that caused the most losses to the insurance sector, worth 5.3 billion dollars (4.8 billion euros).
Bertogg recalled that, together with climate change, another factor that increases losses in the insurance sector is the increasing impact of these catastrophes in urban centers.
“Land use planning in more exposed coastal and riparian areas, as well as urban sprawl in the desert, create a combination that is difficult to reverse in terms of high exposure in higher-risk environments,” explained the group’s chief economist. , Jerome Jean Haegeli.
The expert insisted on the need to take protection measures so that the products offered by insurers “continue to be economically profitable” for these properties that are located in areas highly exposed to natural catastrophes.
The report recalled that New Zealand has faced insured losses from natural catastrophes of approximately 2,300 million dollars (2,000 million euros), the highest since 1970, due to the cyclones and typhoons that hit the country in the first half of this year.
According to the report, the total economic losses from natural catastrophes in the first half of 2023 (not only those covered by insurance) reached 120,000 million dollars (109,000 million euros), 46% above the annual average of the last ten years.
The forecasts also exposed the possible impact that the forest fires registered in various areas of Greece or Italy in the last month may have, aggravated by the strong heat waves suffered in some areas of Europe, Asia and America.
