Search
 
News

2021 was the third-costliest on record for weather-related perils

Only 38% of natural peril losses were covered by insurance during 2021, which saw 50 billion-dollar loss events.

X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.
"Many global communities are exposed to increasingly volatile weather conditions that are in part enhanced by the growing effects of climate change. This includes record-setting episodes of extreme temperatures, rainfall and flooding, droughts and wildfires, rapidly intensifying tropical cyclones and late-season severe convective storms," said Steve Bowen, meteorologist and head of catastrophe insight at Aon. (Credit: David Zalubowski/AP) “Many global communities are exposed to increasingly volatile weather conditions that are in part enhanced by the growing effects of climate change. This includes record-setting episodes of extreme temperatures, rainfall and flooding, droughts and wildfires, rapidly intensifying tropical cyclones and late-season severe convective storms,” said Steve Bowen, meteorologist and head of catastrophe insight at Aon. (Credit: David Zalubowski/AP)

Slightly more than 400 notable natural disaster events were recorded in 2021, down from 416 in 2020, according to Aon plc. However, the expense and severity of the events during the past year resulted in $343 billion in economic losses, compared with $329 billion the year prior.

As a result, 2021 ranked as the third costliest year on record (adjusted for inflation) for economic loss due to natural catastrophes, the insurer reported.

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.

INCLUDED IN A DIGITAL MEMBERSHIP:

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.

Already have an account?

Steve Hallo

Steve Hallo

Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected].  

More from this author

 

Recommended Stories

PropertyCasualty360

Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2022 ALM Global, LLC. All Rights Reserved.