• Contact Us
  • About
  • Advertise
  • Privacy & Policy
Thursday, May 15, 2025
  • Login
E3P Motor Insurance
  • Home
  • Insurance
  • Pension
  • Business Unlimited
  • OIL & ENERGY
  • Feature
  • News
  • Home
  • Insurance
  • Pension
  • Business Unlimited
  • OIL & ENERGY
  • Feature
  • News
No Result
View All Result
Business Post
No Result
View All Result
Home Insurance

Global Catastrophe Losses Reach US112bn: Swiss Re

Staff Reporter by Staff Reporter
December 15, 2021
in Insurance
0 0
0
Swiss Re Releases Capital By Selling £437m Phoenix Shares
0
SHARES
64
VIEWS
Share on FacebookShare on TwitterShare on WhatsApp

Global insured catastrophe losses have reached $US112 bn ($157 bn) this year, the fourth-highest level in five decades, Swiss Re says in preliminary estimates.

The total includes $US105 bn ($147 bn) in natural catastrophe losses and $US7 bn ($10 bn) from man-made disasters.

“The impact of the natural disasters we have experienced this year once again highlights the need for significant investment in strengthening critical infrastructure to mitigate the impact of extreme weather conditions,” Swiss Re’s Group Chief Economist Jerome Jean Haegeli said.

“Investments in infrastructure support sustainable growth and resilience and need to be upscaled.”

The natural catastrophe total includes a major hurricane, deep winter freeze, floods, severe thunderstorms and heatwaves, with data highlighting the impact of secondary perils.

Hurricane Ida was the costliest natural disaster, with losses of $US30-32 bn ($42-45 bn) including flooding in New York. The figure includes losses from the US National Flood Insurance Program.

But US winter storm Uri and other secondary peril events caused more than half of total losses, as wealth accumulation and climate change effects in disaster-prone areas drive claims, Swiss Re Institute says.

The costliest event in Europe was the July flooding in Germany, Belgium and nearby countries, which caused up to $US13 bn ($18 bn) in insured losses, with economic losses of more than $US40 bn ($56 bn) highlighting a protection gap.

Heat of Cat Perils Martin Bertogg says natural disaster losses have again exceeded the previous 10-year average, continuing the trend of an annual 5-6% rise seen in recent decades.

“It seems to have become the norm that at least one secondary peril event, such as a severe flooding, winter storm or wildfire, each year results in losses of more than $US10 bn ($14 bn),” he said.

“At the same time, Hurricane Ida is a stark reminder of the threat and loss potential of peak perils. Just one such event hitting densely populated areas can strongly impact the annual losses.”

Swiss Re says catastrophe activity in December has remained elevated and resulting losses are still being assessed. COVID-19 has also lengthened the claims lifecycle, particularly for large events, meaning it will take considerably longer than normal to assess the final tally.

Swiss Re Sigma catastrophe loss estimates are for property damage and exclude claims related to COVID-19. Sigma has recorded disaster losses since 1970.

Previous Post

CIIN Tells Govt That Sustainability Lies With Insurers Acting As Its Quarterback

Next Post

CIIN Carol Of Nine Lessons Paves The Way To Underwrite Voice Risk

Staff Reporter

Staff Reporter

Related Posts

emPLE Partners LASPARK to Create And Sustain Green Lagos
Insurance

emPLE Partners LASPARK to Create And Sustain Green Lagos

May 15, 2025
Public, Buildings Under Construction Joint Committee Insurance Pushes For Database For Underwriting Ease
Insurance

Public, Buildings Under Construction Joint Committee Insurance Pushes For Database For Underwriting Ease

May 14, 2025
Sovereign Trust Steams Ahead With Continuous Manpower Development, Focus Optimal Risk Management
Insurance

Sovereign Trust Steams Ahead With Continuous Manpower Development, Focus Optimal Risk Management

May 12, 2025
Next Post
CIIN Carol Of Nine Lessons Paves The Way To Underwrite Voice Risk

CIIN Carol Of Nine Lessons Paves The Way To Underwrite Voice Risk

Please login to join discussion
NEM INSURANCE NEM INSURANCE NEM INSURANCE
  • Trending
  • Comments
  • Latest
Loss Adjusters Receive Charge To Match Speed Of New Developments

Loss Adjusters Receive Charge To Match Speed Of New Developments

April 27, 2024
tope smart NIA former chairman

Insurance Milestone: A Beacon To Follow

April 3, 2022
Custodian Investment To Acquire 51% Stake In UACN Property

Penetration: Operators Call For Insurance-In-Action

November 2, 2022
NCRIB And Universal In Pictures

NCRIB And Universal In Pictures

May 4, 2024
Reinsurance Rates May Increase Into 2022, But Momentum To Wane: Fitch

Reinsurance Rates May Increase Into 2022, But Momentum To Wane: Fitch

April 13, 2021
ncrib logo

NCRIB Sets The Stage For Adaramola’s Tenure

June 7, 2023
Preferred PenCom Logo

PenCom Board Crafted To Hedge Setback

February 1, 2021
Linkage Assurance Aligns With Brokers For Growth

Linkage Assurance Aligns With Brokers For Growth

December 6, 2021
PTAD Wipes 21,227 Parastatals Pensioners From Payroll

PTAD Wipes 21,227 Parastatals Pensioners From Payroll

January 31, 2021
Preferred PenCom Logo

PenCom Board Back-To-Work Pass, Gets Tick Over

May 4, 2025
Anchor MD Loses Father

Anchor MD Loses Father

2
Regulators Clear Guinea Insurance  For Private Placement

Regulators Clear Guinea Insurance For Private Placement

2
NAICOM Helmsman Thomas Leads African Insurance Supervisory Authorities

NAICOM Inaugurates Discount Rate Committee To Ease Insurance Contracts Under IFRS 17

2
Insurance Mastercard Joe Irukwu Passes On

Insurance Mastercard Joe Irukwu Passes On

2
AIICO Head office

Car Insurance Takes A New Turn With AIICO, ETAP ‘Redefine Partnership’

2
Authenticity Of Motor Policy, Technology Crowns Policyholders Verifying Partners

Authenticity Of Motor Policy, Technology Crowns Policyholders Verifying Partners

2
NAICOM Helmsman Thomas Leads African Insurance Supervisory Authorities

NAICOM Helmsman Thomas Leads African Insurance Supervisory Authorities

2
Ebere Nwoji Makes It Back To Back As 2023 Print Media Reporter

Ebere Nwoji Makes It Back To Back As 2023 Print Media Reporter

2
Loss Adjusters Receive Charge To Match Speed Of New Developments

Loss Adjusters Receive Charge To Match Speed Of New Developments

2
NAICOM Helmsman Thomas Leads African Insurance Supervisory Authorities

Federal Government & NAICOM Working On New Guidelines For Insuring Government Assets

2
emPLE Partners LASPARK to Create And Sustain Green Lagos

emPLE Partners LASPARK to Create And Sustain Green Lagos

May 15, 2025
Public, Buildings Under Construction Joint Committee Insurance Pushes For Database For Underwriting Ease

Public, Buildings Under Construction Joint Committee Insurance Pushes For Database For Underwriting Ease

May 14, 2025
Compulsory Insurance: Quantity Surveyors Come Onboard NAICOM Platform For Integrated Insurance

Compulsory Insurance: Quantity Surveyors Come Onboard NAICOM Platform For Integrated Insurance

May 14, 2025
Sovereign Trust Steams Ahead With Continuous Manpower Development, Focus Optimal Risk Management

Sovereign Trust Steams Ahead With Continuous Manpower Development, Focus Optimal Risk Management

May 12, 2025
Insurance Industry Surrounds Aviation Risks as NAICOM Unveils Landmark Regulation For Leased Aircrafts,

Insurance Industry Surrounds Aviation Risks as NAICOM Unveils Landmark Regulation For Leased Aircrafts,

May 12, 2025
Sovereign Trust Steadily Pushes Insurance as Unbroken Membrane From Early Life, Makes Igbobi College Students Signpost

Sovereign Trust Steadily Pushes Insurance as Unbroken Membrane From Early Life, Makes Igbobi College Students Signpost

May 11, 2025
Cassava Microinsurance Makes High Net-worth Presence at Retirement Summit

Cassava Microinsurance Makes High Net-worth Presence at Retirement Summit

May 11, 2025
PenCom Lauds Lagos Lead in CPS Implementation, Wants Periodic Pension Raises Extended to CPS Retirees

PenCom Lauds Lagos Lead in CPS Implementation, Wants Periodic Pension Raises Extended to CPS Retirees

May 8, 2025
Global Federation of Insurance Associations Creates Off-limits in Insurance Regulation

Global Federation of Insurance Associations Creates Off-limits in Insurance Regulation

May 7, 2025
Outstanding Sales Champions Fly High at Sanlam Annual Awards

Outstanding Sales Champions Fly High at Sanlam Annual Awards

May 3, 2025
ADVERTISEMENT

Recent News

emPLE Partners LASPARK to Create And Sustain Green Lagos

emPLE Partners LASPARK to Create And Sustain Green Lagos

May 15, 2025
Public, Buildings Under Construction Joint Committee Insurance Pushes For Database For Underwriting Ease

Public, Buildings Under Construction Joint Committee Insurance Pushes For Database For Underwriting Ease

May 14, 2025
Compulsory Insurance: Quantity Surveyors Come Onboard NAICOM Platform For Integrated Insurance

Compulsory Insurance: Quantity Surveyors Come Onboard NAICOM Platform For Integrated Insurance

May 14, 2025
Sovereign Trust Steams Ahead With Continuous Manpower Development, Focus Optimal Risk Management

Sovereign Trust Steams Ahead With Continuous Manpower Development, Focus Optimal Risk Management

May 12, 2025
Insurance Industry Surrounds Aviation Risks as NAICOM Unveils Landmark Regulation For Leased Aircrafts,

Insurance Industry Surrounds Aviation Risks as NAICOM Unveils Landmark Regulation For Leased Aircrafts,

May 12, 2025
Sovereign Trust Steadily Pushes Insurance as Unbroken Membrane From Early Life, Makes Igbobi College Students Signpost

Sovereign Trust Steadily Pushes Insurance as Unbroken Membrane From Early Life, Makes Igbobi College Students Signpost

May 11, 2025
Cassava Microinsurance Makes High Net-worth Presence at Retirement Summit

Cassava Microinsurance Makes High Net-worth Presence at Retirement Summit

May 11, 2025
PenCom Lauds Lagos Lead in CPS Implementation, Wants Periodic Pension Raises Extended to CPS Retirees

PenCom Lauds Lagos Lead in CPS Implementation, Wants Periodic Pension Raises Extended to CPS Retirees

May 8, 2025
Global Federation of Insurance Associations Creates Off-limits in Insurance Regulation

Global Federation of Insurance Associations Creates Off-limits in Insurance Regulation

May 7, 2025
Outstanding Sales Champions Fly High at Sanlam Annual Awards

Outstanding Sales Champions Fly High at Sanlam Annual Awards

May 3, 2025
emPLE Unveils BETA Life: A Three-in-One Endowment Plan for Smarter Savings And Protection

emPLE Unveils BETA Life: A Three-in-One Endowment Plan for Smarter Savings And Protection

April 30, 2025
Half Year Claims Obligation, Sovereign Trust Pays N1.6bn

Soyinka lauds Nigerian Workers on May Day

April 30, 2025
NIA’ Fast Track, Transparent Claims Payment Collaboration With Fintech Gets Insurance Meets Tech (IMT) Endorsement

NIA’ Fast Track, Transparent Claims Payment Collaboration With Fintech Gets Insurance Meets Tech (IMT) Endorsement

May 3, 2025
Combatant PenCom Upholds Journalists Dignity, Moves to Recover N1.3bn Unpaid Pension Contributions From Media Organisations

Combatant PenCom Upholds Journalists Dignity, Moves to Recover N1.3bn Unpaid Pension Contributions From Media Organisations

April 29, 2025
NEM Insurance NEM Insurance NEM Insurance
Business Post

We connect brands with buyers and sellers of insurance, pension and also project insurance and allied Businesses to the trending generation. We help the various public to adapt to the constant changes as it would impact, and also enable advertisers to connect, engage and target opportunities on line , in print and in person.

Browse by Category

  • Business Unlimited
  • Feature
  • Insurance
  • News
  • OIL & ENERGY
  • Pension
  • Travel
  • Uncategorized

Recent News

emPLE Partners LASPARK to Create And Sustain Green Lagos

emPLE Partners LASPARK to Create And Sustain Green Lagos

May 15, 2025
Public, Buildings Under Construction Joint Committee Insurance Pushes For Database For Underwriting Ease

Public, Buildings Under Construction Joint Committee Insurance Pushes For Database For Underwriting Ease

May 14, 2025
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2023 BusinessPost

No Result
View All Result
  • Home
  • Insurance
  • Business Unlimited
  • OIL & ENERGY
  • Feature
  • News
  • Contact Us
  • About
  • Advertise
  • Privacy & Policy

© 2023 BusinessPost

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In