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Climate change ‘steroid’ contributed to $130 billion in insured losses last year-Aon -Breaking


© Reuters. The child is watching as water flows through the fence at Wessem in the Netherlands on July 16, 2021. REUTERS/Eva Plevier TPX IMAGES OF THE DAY

LONDON (Reuters] – In 2021 global insured losses due natural catastrophes totalled $130 Billion, which was the fourth highest on record. Broker Aon (NYSE:), reported Tuesday.

Aon published a report every year that estimated economic losses at $343 billion. This is the sum of all insured and uninsured losses.

According to Steve Bowen of Aon’s catastrophe insights, climate change and higher population density are contributing to disaster losses.

He stated, “Weather is always happening. Weather is always going to occur — climate change is basically the steroid which makes these events more intense.”

“There’s more people moving into those high-risk areas, you have these climate-change-enhanced events affecting more people.”

European floods of July caused record economic loss for Europe at $46 Billion, and $13 Billion in insured losses.

Aside from the loss caused by wildfires and hurricanes as well as losses due to European floods, other major disasters included tornadoes in Kentucky, a severe winter storm in Texas and an earthquake and tsunami in Japan.

Aon estimates that around 10500 people died last year from natural catastrophes.

Reinsurer Munich Re https://www.reuters.com/markets/commodities/natural-disasters-cost-insurers-120-billion-2021-munich-re-says-2022-01-10 said earlier this month that global insured losses amounted to $120 billion in 2021, while Swiss Re (OTC:) https://www.reuters.com/markets/commodities/us-storms-make-2021-one-most-costly-record-insurers-swiss-re-says-2021-12-14 in December put the tally at $105 billion.

Aon reported that 2017 saw a record $170 trillion in insured losses, which included losses due to hurricanes Harvey, Irma, and Maria.

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Mike Robinson
Mike covers the financial, utilities and biotechnology sectors for Street Register. He has been writing about investment and personal finance topics for almost 12 years. Mike has an MBA in Finance from Wake Forest University.