The cost of losses from natural disasters worldwide fell slightly in the first half of the year to $120 billion (€109 billion), according to an estimate by Swiss Re, but storms in the United States increased the bill for insurers, AFP reported.

The most expensive disaster was the earthquakes in Turkey and Syria, the Swiss reinsurer said in a statement on Wednesday.

According to a preliminary estimate by the World Bank, economic losses caused by this earthquake are estimated at 34 billion dollars, and costs to insurance companies are estimated at 5.3 billion dollars, according to calculations by Swiss Re.

But so-called secondary disasters, as opposed to major catastrophes such as earthquakes or tropical cyclones, have again driven up costs for insurers.

In the classification of insurance companies, these secondary disasters include hail and flood. In the first half of the year, it was the storms in the United States that increased their costs, in particular.

Damages were slightly higher in the first half of 2022 at $123 billion after costly floods in Australia and South Africa.

However, costs to insurers rose again to $50 billion in the first half of 2023 from $48 billion a year earlier, again underscoring the “growing impact” of these secondary catastrophes, according to the group that acts as an insurer for insurers. .

“The effects of climate change can already be seen in certain hazards such as heat waves, droughts, floods and extreme precipitation,” Jerome Jean Hegeli, Swiss Re’s chief economist, was quoted as saying in the statement.

Added to these are the risks associated with the expansion of urban areas, especially in coastal areas or near rivers, which are more prone to environmental risks.

“It’s time to invest more in climate change adaptation,” says Swiss Re’s chief economist, as the group regularly warns of an increase in the frequency and intensity of these secondary disasters.