Global estimated losses from natural catastrophes during 2021 stretched beyond $105 billion, according to Swiss Re, which noted it was the fourth-highest year for catastrophe losses since 1970.

"In 2021, insured losses from natural disasters again exceeded the previous ten-year average, continuing the trend of an annual 5%–6% rise in losses seen in recent decades. It seems to have become the norm that at least one secondary peril event such as severe flooding, winter storm or wildfire, each year results in losses of more than $10 billion," Martin Bertogg, head of cat perils at Swiss Re, said in a release. "At the same time, Hurricane Ida is a stark reminder of the threat and loss potential of peak perils. Just one such event hitting densely populated areas can strongly impact the annual losses."

Four of the most costly events occurred in Asia, as floods and typhoons racked up more than $20 billion in damages. However, North America saw the most costly incidents and the U.S. had two of the top three most expensive events.