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Global natural disasters cost $ 210 billion in 2020: Munich again

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Natural disasters around the world suffered $ 210 billion in damage in 2020, with the United States in particular being hit hard by hurricanes and wildfires, a top insurer said Thursday.

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The damage, which was met by German reinsurer Munich Re, increased from $ 166 billion in the previous year and is due to a warming planet.

Losses insured increased from $ 57 billion in 2019 to $ 82 billion, Munich Re said. This contributes to the burden of the coronavirus pandemic that has hit the insurance industry hard.

“Climate change will play an increasing role in all these dangers,” said Munich Re councilor Torsten Jeworrek, pointing to hurricanes, wildfires and other storms.

“It’s time to act,” he said.

The hurricane season was ‘hyperactive’, with a record of 30 storms, surpassing the 28 storms of 2005, Munich Re said.

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Heat waves and droughts are causing wildfires, with $ 16 billion worth of damage in the American West last year.

Floods in China were the most expensive individual loss of $ 17 billion, but only 2% of the damage was insured.

(Reporting by Tom Sims; Editing by Thomas Seythal)

Photo: A crew member of the national parks and wildlife fights flames on Half Chain Road near Koorainghat, near Taree in the state of New South Wales on Tuesday 12 November 2019. Photo credit: Darren Pateman / AAP Images via AP.

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