😎 Summer Sale Exclusive - Up to 50% off AI-powered stock picks by InvestingProCLAIM SALE

Natural catastrophes cause above-average $100 bln in insurance losses in 2020 -Aon

Published 25-01-2021, 05:30 am

LONDON, Jan 25 (Reuters) - Natural catastrophes resulted in $97 billion in insured losses in 2020, 40% above the average for this century, in a year when insurers also faced hefty bills due to the coronavirus pandemic, insurance broker Aon (NYSE:AON) AON.N said in a report on Monday.

Hurricane Laura, which hit the United States and Caribbean in August, caused a $10 billion insured loss, the largest global insured loss event of 2020, Aon said.

Economic losses from natural disasters - insured and uninsured combined - totalled $268 billion, with seasonal floods in China between June and September causing the greatest loss event at $35 billion.

Seasonal floods during the same period in India caused the greatest number of deaths, at 1,922, Aon said.

Social distancing requirements due to the pandemic made processing claims harder, Aon said, with insurers using drones or customers' own pictures rather than sending loss assessors to the scene of the disasters.

"Focus at the corporate and federal levels will be critical around investments in risk mitigation, resilience, and sustainability as the landscape around climate change solutions continues to accelerate with renewed urgency," said Steve Bowen, Director and Meteorologist for Aon's Impact Forecasting team.

Reinsurer Swiss Re SRENH.S last month pegged insured losses from natural catastrophes at $76 billion, while Munich Re MUVGn.DE estimated them at $82 billion.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.