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U.S. storms make 2021 one of most costly on record for insurers, Swiss Re says -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – First responders rescue people who are trapped in floodwaters from Mamaroneck.

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FRANKFURT, (Reuters) – The wrathful Hurricane Ida, Texas freezes and other weather-related events made 2021 the most expensive year in history for insurance companies, Swiss Re (OTC) stated on Tuesday. This is as industry and the population grapple with increasing severity of climate change-related storms.

This year’s insured losses due to natural disasters reached $105 billion, which is the fourth-highest total since Swiss Re started keeping records in 1970.

In a statement, Swiss Re stated that natural catastrophe losses will continue to rise more than the global GDP due to increases in wealth and urbanisation. This is referring to gross national product.

Swiss Re stated that this year’s catastrophes caused more than 10,000 deaths or missing people.

Hurricane Ida left New Orleans with damage that extended from New York to New Orleans. While winter storm Uri caused damages in Texas and resulted only in $15 billion, $30-$32 Billion in insurance losses.

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