Insured natural catastrophe losses hit $115 billion in 2022

Natural catastrophes have caused $115 billion in insured losses so far this year, more than 40% higher than the 10-year average of $81 billion but lower than 2021’s insured losses, according to a report by Swiss Re Ltd.

Hurricane Ian, which hit the Florida Gulf Coast in September, was the costliest catastrophe, with estimated insured losses of $50 billion to $65 billion, the reinsurer said. The 2022 hurricane season ended Nov. 30.

Other natural catastrophes of 2022 include European winter storms, flooding in Australia and South Africa, and hailstorms in France and the United States, the report said.

The $4 billion in flooding losses in Australia in February and March comprised the country’s costliest-ever natural catastrophe, Swiss Re said.

While the total insured nat cat losses so far this year are lower than the $121 billion reported in 2021, such losses have increased by 5% to 7% on average over the past decade, the report said.