A large insurance gap is also witnessed on a global level. More than half (57%) of losses from natural catastrophes in 2021 were not insured, according to Munich Re. (Credit: Sarah J Lee/Shutterstock.com)
During 2021, natural catastrophes (NAT CAT) caused more than $280 billion in losses worldwide, according to Munich Re, which reported approximately $145 billion of those losses occurred in the U.S.
Globally, losses have shown a year-on-year growth trend as NAT CAT events caused $210 billion in 2020 and $166 billion during 2019, according to the multinational insurance company. The previous year was among the costliest for the insurance industry and overall losses from natural disasters were the fourth highest on record. With $355 billion in total losses, 2011 retains the record.
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Steve Hallo
Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected]
