Losses from natural catastrophes covered by insurance totalled around $120 billion last year, similar to 2021, though short of 2017's record damages, Munich Re, the world's largest reinsurer, said.
"Weather shocks are on the rise," Ernst Rauch, chief climate scientist at Munich Re, told Reuters."We can't directly attribute any single severe weather event to climate change. But climate change has made weather extremes more likely."Total losses from natural catastrophes, including those not covered by insurance, were $270 billion in 2022. That is down from around $320 billion in 2021 and near the average of the previous five years.
Floods in Australia early in the year and again in October resulted in $4.7 billion in insured damages and $8.1 billion overall.