According to AFP, natural and man-made disasters have caused $268 billion in losses since January, down from 2021, despite the devastation caused by Hurricane Ian in the United States and Cuba.

That’s a 12% year-on-year drop, according to research by Sigma, which reinsurance giant Swiss Re has published every year for more than 50 years. Of the total amount, a very large part falls on natural disasters (260 billion), which is 11% less than in the previous year.

Costs borne by insurers are estimated to date at €115 billion for natural disasters, down 5% year-on-year, and at €7 billion for man-made losses, a sharp decline (-24%).

As a result, the reinsurance sector only covered about 45% of economic losses this year, which Swiss Re says illustrates a significant protection gap around the world.

“Hurricane Ian, combined with other extreme weather events such as winter storms in Europe, floods in Australia and South Africa, and hail in France and the United States, have led to $115 billion in natural catastrophe losses this year,” — he said. a group that acts as an insurer for insurers.

The costliest natural disaster for insurers this year was Hurricane Ian, one of the strongest storms to hit the United States, which also caused significant damage in Cuba.

This hurricane alone caused about half of the insured losses, which are estimated at 50-65 billion dollars. “This highlights the potential threat posed by one hurricane on a densely populated coast in an otherwise mild hurricane year,” the Swiss group’s study said.

Thus, Hurricane Ian became the costliest natural disaster since Hurricane Katrina in 2005.

2022 marked the second year in a row that total insured losses exceeded $100 billion, continuing a decade-long trend of 5-7% average annual growth.