Worldwide insured catastrophe losses estimated at US$31bn in 1H2020 --Swiss Re Institute

Global economic losses from natural catastrophes and manmade disasters in the first half of 2020 stood at $75bn, according to Swiss Re Institute's preliminary sigma estimates released yesterday.

The figure was higher than the $57bn for the same period a year earlier, but well below the average of first-half economic losses of the previous 10 years ($112bn).

1H2020 insured losses

Of the economic losses, around 40% ($31bn) were covered by insurance, up from $23bn a year earlier. In the previous 10 years, first-half insured claims averaged $36bn annually.

Natural catastrophes accounted for $28bn of the insured losses in 1H2020. The figure was an increase from $19bn in the first six months of 2019, while insured losses from man-made disasters decreased to $3bn from $4bn.

The catastrophe loss estimates are for property damage, and exclude COVID-19 related claims. More than 2,000 people lost their lives or went missing in disaster events during the first half of this year. The main driver of the first half losses were secondary perils, with thunderstorms in North America playing a significant role.

Source: Asia Insurance Review