Natural disasters caused global losses of $72 billion in first half of 2022

Geneva, Aug 2 (EFE).- Natural catastrophes around the world have led to an economic loss of $75 billion (73 billion euros) in the first half of 2022, according to Swiss Re Institute preliminary estimates.

The figure is 20.8% lower than the same period last year as well as below the average of the past ten years, although it is clear evidence of climate change, the reinsurance company said.

“The effects of climate change are evident in increasingly extreme weather events, such as the unprecedented floods in Australia and South Africa,” head of catastrophe perils at Swiss Re, Martin Bertogg, said in a statement.

Extreme weather conditions including winter storms and unprecedented flooding as well as man-made events in Europe, Australia and South Africa resulted in $38 billion (37 billion euros) of insured losses from natural catastrophes in the first half of 2022, Swiss Re estimated.

“The severe weather events of the past six months once again highlight that natural catastrophes, particularly secondary perils, are increasing in frequency and severity in all regions,” it said.

The record-high temperatures, droughts and wildfires in parts of Europe will likely lead to further losses, the company warned.

“Climate change is one of the biggest risks our society and the global economy is facing,” Swiss Re’s chief economist, Jérôme Jean Haegeli, said.

“With 75% of all natural catastrophes still uninsured, we see large protection gaps globally exacerbated by today’s cost-of-living crisis,” he added. EFE


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