Hurricane Ian drives natural catastrophe year-to-date insured losses to USD 115 billion, Swiss Re Institute estimates

• Natural catastrophes caused an estimated USD 115 billion of insured losses in 2022 to date, coming in well above the 10-year average of USD 81 billion
• Hurricane Ian was the single largest loss-causing event of the year to date, with an estimated insured loss of USD 50–65 billion
• Secondary perils such as floods and hail storms caused over USD 50 billion insured losses, yet again affirming their significant contribution to the global total

Zurich, 1 December 2022 – Hurricane Ian and other extreme weather events such as the winter storms in Europe, flooding in Australia and South Africa as well as hailstorms in France and in the US resulted in an estimated USD 115 billion of natural catastrophe insured losses this year to date, according to Swiss Re Institute. 2022 is the second consecutive year in which the estimated insured losses total more than USD 100 billion, continuing the trend of a 5–7% average annual increase over the past decade. The re/insurance industry covered roughly 45% of the economic losses this year, indicating a large protection gap across the world.

Thierry Léger, Group Chief Underwriting Officer, said: "2022 has been another year of increased natural catastrophe loss activity, and demand for insurance is growing as the protection gap remains vast. To enable the insurance industry to keep up with increasing volatility and demand, it will be key to model evolving frequency and severity trends. Pricing needs to reflect the effective risk. In this complex environment, Swiss Re is ready to support clients with our strong balance sheet, risk capacity and expertise."