Swiss Re: Global Insured Catastrophe Losses Rose in 1st Half

By Giulia Petroni

Swiss Re AG said Tuesday that global insured property losses from disasters rose 34% on year in the first half mainly due to secondary perils, according to its institute's preliminary estimates.

The Swiss Re Institute said insured losses in the period amounted to $31 billion, up from $23 billion in the previous year.

"More than 2,000 people lost their lives or went missing in disaster events during the first half of this year," the Swiss reinsurer said. Thunderstorms in North America played a significant role, it said.

Global economic losses from natural catastrophes and man-made disasters were $75 billion, up from $57 billion in the year-earlier period, according to Swiss Re. Of these losses, only around 40% were covered by insurance.

"Once again, secondary perils caused most catastrophe losses in the first half of 2020," said Martin Bertogg, head of cat perils at Swiss Re. "Climate change is expected to worsen and amplify the scale of secondary peril events and associated losses in the future."

The company said global losses for the first half may be subject to an upward revision.

Write to Giulia Petroni at giulia.petroni@wsj.com

(END) Dow Jones Newswires

August 11, 2020 06:23 ET (10:23 GMT)

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