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Monday, November 28, 2022

Floods in the world cost $ 82,000 million in 2021, according to Swiss reinsurer

Floods in the world cost $ 82,000 million in 2021, according to Swiss reinsurer

First Amendment:

Zurich (Switzerland) (AFP) – Floods caused $ 82,000 million (73,000 million euros) in global damage in 2021, reinsurer Swiss Re announced on Wednesday, warning of significant gaps in coverage of this extreme phenomenon that could increase with climate change.

Floods in Germany and its neighboring European countries in July alone caused more than $ 40 billion in economic losses, of which $ 13 billion was covered by insurers, Swiss Re said in a claim on claims costs and natural disasters in 2021.

It is the most costly natural disaster recorded in Europe, the group said, playing the role of insurer.

With climate change and increasing urbanization, Swiss Re’s research institute estimates that the economic losses caused by floods will increase.

“In the year 2021 alone, we have seen more than 50 severe floods in the world,” said Martin Bertogg, Head of Hazards and Catastrophes at Swiss Re, quoted in the statement accompanying the report.

Last year was marked by devastating floods in China, India, the Philippines and the United States, among others.

Of the $ 82 billion in damage in 2021, just over $ 20 billion was covered by insurers, which “shows significant gaps in flood risk protection,” the group said in a statement.

The flood protection gaps are affecting Asia in particular, where only 7% of economic losses are covered by an insurer, compared to 34% in Europe.

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