Natural catastrophe insurance losses reached a 10-year high in the first half of 2021

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Natural catastrophe insured losses reached a 10-year high of US$42 billion (S$57.4 billion) in the first half of 2021, with the largest loss due to severe cold in the US in February, according to insurance broker Aon (July 21).
Overall economic losses, however, were lower than the 10-year average of US$93 billion, according to Aon.
Disasters that strike wealthy countries usually result in higher insured losses. According to Aon, the United States accounted for 72% of global insured losses in the first half.
There was an insured loss of at least US$15 billion as a result of the polar vortex-induced period of severe cold.
According to Aon, major storms in western and central Europe in June resulted in insured losses of at least US$4.5 billion. According to experts, floods in Europe have cost reinsurance companies between $2 and $3 billion since last week.
In the first half of the year, natural catastrophes claimed the lives of roughly 3,000 people worldwide, including 800 people killed by the heatwave that struck portions of Western Canada and the US Pacific Northwest in late June. Aviva, British insurance, called on politicians, developers, and insurers to take immediate action to protect homes and businesses from the effects of climate change, claiming that majority were unable to manage harsh weather.

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