(VOVWORLD) - Total losses from natural and man-made disasters so far this year are estimated at 187 billion USD, up 25 percent from 2019, the reinsurance giant Swiss Re said Tuesday.
 Illustrated image (Photo: VNA) |
175 billion USD were losses from natural catastrophes during a year characterised by an unusual number of storms, wildfires, and hurricanes. That’s up from 2019, when natural disasters caused losses of 139 billion USD, but below the 10-year average of 202 billion USD.
Insurers covered less than half of the total losses, paying out 83 billion USD and making 2020 the fifth-costliest year for the industry since 1970, Swiss Re said. The estimate does not include the cost of the COVID-19 pandemic.