2022 a Disastrous Year for Disaster Insurers — $165 Billion in US Damages

It hasn’t been an easy year for U.S. property insurers. The National Oceanic and Atmospheric Administration (NOAA) did an analysis of disaster in 2022 and found them racking up damages totaling $165 billion.

In the count, NOAA only considers disasters with damages over $1 billion. In 2022 there were 16 of them and they killed 474 people.

It was the third worst year of all time. Number one was 2017 where damages totaled $373.2 billion. In 2005 — the year of Hurricane Katrina — that figure was $253.5 billion.

As noted, last year was third.

NOAA calls billion-dollar disasters the new normal. Part of the reason — the administration’s experts contend — is because people are moving into, and building in, more risky areas.

Another issue is climate change.

Munich Re says climate change is generating warmer, wetter weather that is leading to more weather-related disasters. Globally, insurance companies got hit for $120 billion to $240 billion in losses in 2022.

The largest single event in the U.S. was Hurricane Ian. It cost insurers $112.9 billion. Munich Re says it is the most expensive insurance loss for any country last year. Other disasters included the usuals — wildfire, tornadoes, earthquakes, etc.

Source link: Insurance Journal — https://bit.ly/3GML3f9

Source link: Insurance Business America — https://bit.ly/3iNpq6v

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