Natural catastrophes cost the insurance industry $40 billion (CHF37 billion) in the first half of 2021, according to preliminary figures published by reinsurer Swiss Re on Thursday. Economic losses caused by natural and human-caused disasters have been on the upswing for years, a separate survey by German reinsurer Munich Re revealed. They caused global economic losses to the tune of $77 billion, with the insurance industry responsible for covering $42 billion. Swiss Re notes that this is the second-highest loss value ever recorded during the first six months of a year and is above the ten-year average of $33 billion. In the wake of climate change, so-called secondary natural hazards such as winter storms, hail, floods and forest fires are becoming an even greater burden. “The experience so far in 2021 underscores the increasing danger posed by these hazards, as posed by these risks, as larger and larger segments of society are exposed to extreme weather events,” said Martin...
