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Global insured catastrophe losses top $31B in first-half 2020, Swiss Re reports

A Severe Hurricane Season Is Predicted. Are You Prepared As A Homeowner?

Weather forecasters say that the 2020 hurricane season is shaping up to be a doozy, with bigger storms and more storms threatening to wreak havoc. Last week, the National Oceanic and Atmospheric Administration said that there could be as many as 25 named storms, which would be the second-most on record. While the usual mid-September peak of hurricane season is still several weeks away, the 2020 season is moving at the fastest pace since record keeping started in 1851, even faster than the devastating 2005 season that brought hurricanes Katrina, Rita and Wilma. Forecasters predict that the normal list of storm names are going to run out, meaning storms will eventually have to be named after letters in the Greek alphabet.

While up to this point, the storms of 2020 have been weaker than the storms of 2005, this is a good time for homeowners to take stock of their hurricane preparedness…

 

Global insured catastrophe losses top $31B in first-half 2020, Swiss Re reports

global losses

Allen Heath surveys the damage to a private marina after it was hit by Hurricane Hanna, Sunday, July 26, 2020, in Corpus Christi, Texas. Heath’s boat and about 30 others were lost or damaged. (AP Photo/Eric Gay)

Global economic losses from natural catastrophes and man-made disasters in the first half of 2020 cost $75 billion, according to a new report from Swiss Re.

This number tops 2019′s first-half total of $57 billion but still falls well below the 10-year average of $112 billion.

Of the economic losses, around 40%, or $31 billion, were covered by insurance. In the previous 10 years, first-half insured claims averaged $36 billion annually.

These sigma 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 losses were secondary perils, with thunderstorms in North America playing a significant role…

 

 

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