Natural catastrophes have caused an estimated $115 billion of insured losses this year. According to the Swiss reinsurance giant - Swiss RE - this is the second consecutive year that the insurance firm had to shell out losses stopping a hundred billion dollars.

WION Climate Tracker: 2022 Natural disaster losses from storms, floods and fires hit $115 bn

Natural disasters like wildfires which devastated parts of the United States and a&nbsp;record number of hurricanes in the Atlantic caused $76 billion in insured losses during 2020,&nbsp;Swiss&nbsp;Re&nbsp;said on Tuesday.

The 40 per cent&nbsp;increase from $54 billion in 2019 dwarfed the $7 billion in man-made losses during 2020, the&nbsp;reinsurance company said in its sigma estimate for the year.

Also read| <a href="https://www.wionews.com/india-news/double-crisis-natural-disasters-dont-stop-for-coronavirus-308890">Double crisis: Natural disasters don't stop for coronavirus</a>

Insurers covered less than half of the total losses, dishing out $83 billion, making 2020 the fifth-costliest year for the industry since 1970, Swiss Re said in a statement.

Disasters in the United States,&nbsp; severe thunderstorms, tornadoes, floods, and wildfires accounted for a full 70 percent of the $76 billion which went to cover losses in natural catastrophes.

Also see:&nbsp;<a href="https://www.wionews.com/photos/flooded-streets-trees-fall-down-as-hurricane-sally-makes-landfall-in-us-328179">Flooded streets, trees fall down as Hurricane Sally makes landfall in US</a>

In California, Oregon and Washington State, more&nbsp;than 800 wildfires burned close to 6 million acres, destroying thousands of structures and triggering billions in insured claims.

The North Atlantic hurricane season brought 30 named storms, causing $20 billion in insurance claims, the company said.

Also read:&nbsp;<a href="https://www.wionews.com/entertainment/fans-are-drawing-parallels-between-v-for-vendetta-and-the-year-2020-heres-why-341245">Fans are drawing parallels between 'V for Vendetta' and the year 2020. Here's why</a>

Five storms hit Louisiana alone, although most of the landfalls did not hit densely populated areas,&nbsp;reducing the total level of insured losses from the $97 billion level seen in 2017.

Swiss Re cautioned that climate change was expected to exacerbate such perils, driving more extreme weather events such as wildfires and floods.

"As with COVID-19, climate change will be a huge test of global resilience," Jerome Jean Haegeli, Swiss Re group chief economist, said in the statement.

"But while COVID-19 has an expiry date, climate change does not, and failure to 'green' the global economic recovery now will increase costs for society in future," he warned.

Swiss Re said its estimates excluded claims related to the coronavirus pandemic.

This year has been marked by an extremely active North Atlantic hurricane season with a record 30 named storms, Swiss Re said. That includes five that made landfall in the US state of Louisiana alone,&nbsp;another record.

Swiss Re pointed out that most of the US landfalls did not hit densely populated areas this year, meaning insured losses from the hurricanes were relatively low at $20 billion.

That is far lower than during less active hurricane seasons that featured fewer but more devastating storms in the US at least, such as the $97 billion spent by insurers in 2017 to cover losses from Harvey, Irma, and Maria, and $87 billion in 2005 on Katrina.&nbsp;

"Large-scale climate conditions in the North Atlantic suggest elevated hurricane activity for 2021 and likely beyond," Martin Bertogg, head of catastrophe perils at Swiss Re, said in the statement.

"This increases the probability of a catastrophic landfall. Combined with the loss impact of secondary perils accelerated by climate change, insured catastrophe losses will only rise in the future," he warned.

"As with COVID-19, climate change will be a huge test of global&nbsp;resilience," said Jerome Jean Haegeli,&nbsp;Swiss&nbsp;Re&nbsp;Group Chief Economist.

"But while COVID-19 has an expiry date, climate change does not, and failure&nbsp;to 'green' the global economic&nbsp;recovery now will increase costs for society in future."

It noted its catastrophe loss estimates excluded claims&nbsp;related to COVID-19, which it said would take considerably longer than normal to assess and tally.

Natural disasters like wildfires which devastated parts of the United States and a record number of hurricanes in the Atlantic caused $76 billion in insured losses during 2020, Swiss Re said on Tuesday.

Natural disasters like wildfires which devastated parts of the United States and a record number of hurricanes in the Atlantic caused $76 billion in insured losses during 2020, Swiss Re said on Tuesday. The 40 per cent increase from $54 billion in 2019 dwarfed the $7 billion in man-made losses during 2020, the reinsurance company said in its sigma estimate for the year. Also read| Double crisis: Natural disasters don't stop for coronavirus Insurers covered less than half of the total losses, dishing out $83 billion, making 2020 the fifth-costliest year for the industry since 1970, Swiss Re said in a statement. Disasters in the United States, severe thunderstorms, tornadoes, floods, and wildfires accounted for a full 70 percent of the $76 billion which went to cover losses in natural catastrophes. Also see: Flooded streets, trees fall down as Hurricane Sally makes landfall in US In California, Oregon and Washington State, more than 800 wildfires burned close to 6 million acres, destroying thousands of structures and triggering billions in insured claims. The North Atlantic hurricane season brought 30 named storms, causing $20 billion in insurance claims, the company said. Also read: Fans are drawing parallels between 'V for Vendetta' and the year 2020. Here's why Five storms hit Louisiana alone, although most of the landfalls did not hit densely populated areas, reducing the total level of insured losses from the $97 billion level seen in 2017. Swiss Re cautioned that climate change was expected to exacerbate such perils, driving more extreme weather events such as wildfires and floods. "As with COVID-19, climate change will be a huge test of global resilience," Jerome Jean Haegeli, Swiss Re group chief economist, said in the statement. "But while COVID-19 has an expiry date, climate change does not, and failure to 'green' the global economic recovery now will increase costs for society in future," he warned. Swiss Re said its estimates excluded claims related to the coronavirus pandemic. This year has been marked by an extremely active North Atlantic hurricane season with a record 30 named storms, Swiss Re said. That includes five that made landfall in the US state of Louisiana alone, another record. Swiss Re pointed out that most of the US landfalls did not hit densely populated areas this year, meaning insured losses from the hurricanes were relatively low at $20 billion. That is far lower than during less active hurricane seasons that featured fewer but more devastating storms in the US at least, such as the $97 billion spent by insurers in 2017 to cover losses from Harvey, Irma, and Maria, and $87 billion in 2005 on Katrina. "Large-scale climate conditions in the North Atlantic suggest elevated hurricane activity for 2021 and likely beyond," Martin Bertogg, head of catastrophe perils at Swiss Re, said in the statement. "This increases the probability of a catastrophic landfall. Combined with the loss impact of secondary perils accelerated by climate change, insured catastrophe losses will only rise in the future," he warned. "As with COVID-19, climate change will be a huge test of global resilience," said Jerome Jean Haegeli, Swiss Re Group Chief Economist. "But while COVID-19 has an expiry date, climate change does not, and failure to 'green' the global economic recovery now will increase costs for society in future." It noted its catastrophe loss estimates excluded claims related to COVID-19, which it said would take considerably longer than normal to assess and tally.

From storms to wildfires: Natural and man-made disasters cost insurance industry $187 billion in 2020

<a href="https://www.wionews.com/india-news/switzerland-steps-up-process-to-share-banking-information-11-indians-get-notices-in-a-day-221821">Reinsurance group Swiss Re</a> has suspended plans for a &nbsp;4.1 billion dollar initial public offering (IPO) of British life insurer ReAssure, which was set to start trading in London on Thursday, citing weak demand from institutional investors.

The cancellation comes as global share listings hit their lowest level in three years in the first six months, with a prolonged slowdown in Europe.

Listings that did go ahead, such as Volkswagen's truckmaker Traton, were cut in volume and priced at the low end of expectations.

Reuters reported on Wednesday that Swiss Re was considering postponing or restructuring the London listing due to limited investor appetite.

A Swiss Re spokeswoman said the Zurich-based group was not at present considering re-starting the IPO process for ReAssure this year but long-term options remained open.

Chief Financial Officer John Dacey said the group still intended to reduce its ownership in ReAssure.

"There has been no pressing need for Swiss Re to divest shares at a price that we consider to be unrepresentative of ReAssure's value and prospects," he added.

Swiss Re shares were indicated at 0.4 per cent lower in pre-market activity.

Under the flotation plans, Swiss Re would have cut its stake in ReAssure to below 50 per cent from 75 per cent now. Japan's MS&amp;AD Insurance Group Holdings intended to keep its holding at 25 per cent.

Swiss Re had set a price range of 2.80 to 3.30 pounds per share for ReAssure, Britain's sixth-largest life insurer, valuing it at up to 3.3 billion pounds ($4.14 billion).

Swiss Re wanted to spin off ReAssure to put the business under a more favourable regulatory regime and give it easier access to capital to fund its expansion.

It hired Credit Suisse, Morgan Stanley, and UBS to work as joint global coordinators, while BNP Paribas and HSBC acted as joint book runners.

($1 = 0.7980 pounds)

Reinsurance group Swiss Re has suspended plans for a 4.1 billion dollar initial public offering (IPO) of British life insurer ReAssure, which was set to start trading in London on Thursday, citing weak demand from institutional investors.

Reinsurance group Swiss Re has suspended plans for a 4.1 billion dollar initial public offering (IPO) of British life insurer ReAssure, which was set to start trading in London on Thursday, citing weak demand from institutional investors. The cancellation comes as global share listings hit their lowest level in three years in the first six months, with a prolonged slowdown in Europe. Listings that did go ahead, such as Volkswagen's truckmaker Traton, were cut in volume and priced at the low end of expectations. Reuters reported on Wednesday that Swiss Re was considering postponing or restructuring the London listing due to limited investor appetite. A Swiss Re spokeswoman said the Zurich-based group was not at present considering re-starting the IPO process for ReAssure this year but long-term options remained open. Chief Financial Officer John Dacey said the group still intended to reduce its ownership in ReAssure. "There has been no pressing need for Swiss Re to divest shares at a price that we consider to be unrepresentative of ReAssure's value and prospects," he added. Swiss Re shares were indicated at 0.4 per cent lower in pre-market activity. Under the flotation plans, Swiss Re would have cut its stake in ReAssure to below 50 per cent from 75 per cent now. Japan's MS&AD Insurance Group Holdings intended to keep its holding at 25 per cent. Swiss Re had set a price range of 2.80 to 3.30 pounds per share for ReAssure, Britain's sixth-largest life insurer, valuing it at up to 3.3 billion pounds ($4.14 billion). Swiss Re wanted to spin off ReAssure to put the business under a more favourable regulatory regime and give it easier access to capital to fund its expansion. It hired Credit Suisse, Morgan Stanley, and UBS to work as joint global coordinators, while BNP Paribas and HSBC acted as joint book runners. ($1 = 0.7980 pounds)

Swiss Re puts off $4 billion ReAssure IPO amid weak demand

swiss-re

Swiss Re, News on Swiss Re, stories on Swiss Re, articles on Swiss Re, Swiss Re stories at Wion, Swiss Re news, Swiss Re latest news

swiss re

WION Climate Tracker: 2022 Natural disaster losses from storms, floods and fires hit $115 bn

From storms to wildfires: Natural and man-made disasters cost insurance industry $187 billion in 2020

Swiss Re puts off $4 billion ReAssure IPO amid weak demand