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Total insured losses from natural hazards in 2022 were estimated at $140 billion, of which $125 billion was covered by private insurers and $15 billion by public insurance entities such as the U.S. National Flood Insurance Program, according to a report Monday from Gallagher Re.
Gallagher Re, the reinsurance business unit of Arthur J. Gallagher & Co., noted that 2022 is the fifth year since 2017 to top $100 billion in such losses. The estimated total economic cost of natural hazards in 2022 was estimated at $360 billion.
The reinsurance broker said that the increase in severity and in some cases frequency of events including wild fir and severe convective storm – dubbed secondary perils – “presents reinsurers with a multifaceted and complicated challenge when it comes to risk protection and mitigation.”
Primary perils, such as hurricanes, accounted for $67 billion in insured losses, 48% of the total, and $149 billion of economic losses, 41% of the total. Hurricane Ian in the U.S. was by far the year’s costliest event with $55 billion in insured losses and $115 billion in economic loss, report data showed.
Secondary perils, including drought, windstorms and floods across the globe, caused $73 billion in insured losses, 52%, and $211 in economic losses, 59%.
The U.S. accounted for 74% of insured losses and 53% of global economic losses. “The country boasts the most robust insurance market in the world, and it is typically the predominant annual driver in insured losses given its regular frequency of high-dollar catastrophe events,” the Gallagher Re report said.