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Earthquake contributed to $43B in H1 insured losses: Munich Re

Posted On: Jul. 27, 2023 9:17 AM CST


(Reuters) — A deadly earthquake in Turkey and Syria, as well as tornadoes and hailstorms in the United States, contributed to insured losses of $43 billion in the first half of this year, Munich Re said in a report released Thursday.

The figure is slightly lower than the $47 billion in insured losses incurred in the first half of 2022, but higher than the 10-year average of $34 billion, according to Munich Re, the world's largest reinsurer.

Including uninsured losses, the figure came to $110 billion in the first half of this year — also significantly above the 10-year average.

The earthquake in Turkey and Syria, in which some 58,000 people were killed, was the largest contributor to insured and uninsured losses in the first half at $40 billion.

A series of severe thunderstorms in the U.S. brought destructive tornadoes and hailstorms that resulted in $35 billion in insured and uninsured losses, according to Munich Re.