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

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.

Secondary perils primary loss drivers once again

In North America, severe convective storms, such as thunderstorms with tornadoes, floods and hail, caused insured losses of over $21 billion for the period. This was the highest loss cost since the first half of 2011 when losses from this peril alone totaled roughly $30 billion.

In June, Calgary suffered losses of $1 billion from the costliest hailstorm event ever in Canada.

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