Hurricane Ida, Europe floods made 2021 costly for disasters: Munich Re

1 week ago 30

Damage wrought by Hurricane Ida in the US state of Louisiana and the flash floods that hit Europe last summer helped make 2021 one of the most expensive years for natural disasters, reinsurance company Munich Re said Monday.

The company's annual report put the overall economic losses from natural disasters worldwide last year at USD 280 billion, making it the fourth-costliest after 2011, the year a massive earthquake and tsunami struck Japan.

Insured losses in 2021 amounted to USD 120 billion, the second-highest after 2017, when hurricanes Harvey, Irma and Maria hit the Americas, according to Munich Re.

More than a third of those insured losses last year were caused by Ida (USD 36 billion) and the floods in western Germany, Belgium and the Netherlands (USD 13 billion).

The company warned that studies showed a link between global warming and natural disasters.

The images of natural disasters in 2021 are disturbing," said Torsten Jeworrek, a member Munich Re's board of management.

Climate research increasingly confirms that extreme weather has become more likely, he said. Societies need to urgently adapt to increasing weather risks and make climate protection a priority.

Jeworrek noted that not all natural disasters are climate related, citing volcanic eruptions and earthquakes seen last year.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Read Entire Article