In 2020, global economic losses from natural catastrophes totaled $190 billion, according to the Swiss Re Institute, which added that insured losses from all of last year's disaster events equated to $89 billion — the fifth highest on the institute's records.
It seems as if every year, the insurance industry braces for weather that is more severe than the year prior. Take, for instance, this year's Atlantic hurricane season forecast. After a record 30 named storms in 2020, Colorado State University predicts at least 17 named storms will form in 2021, with eight expected to reach hurricane strength. At this time last year, the university estimated 16 storms for the season.
Wildfires also raged across the nation in 2020. An estimate from RMS released in December 2020 placed insured losses from the 2020 Western U.S. fires between $7-13 billion.
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