Natural disasters like wildfires which devastated parts of the United States and a record number of hurricanes in the Atlantic caused $76 billion in insured losses during 2020, Swiss Re said.
The 40% increase from $54 billion in 2019 dwarfed the $7 billion in man-made losses during 2020, the reinsurance company said in its sigma estimate for the year.
The total insurance industry losses of $83 billion made 2020 the fifth costliest year since 1970, the company said.
“Losses were driven by a record number of severe convective storms – thunderstorms with tornadoes, floods and hail – and wildfires in the U.S.,” Swiss Re said.
