Allen Heath surveys the damage to a private marina after it was hit by Hurricane Hanna, Sunday, July 26, 2020, in Corpus Christi, Texas. Heath's boat and about 30 others were lost or damaged. (AP Photo/Eric Gay)
Global economic losses from natural catastrophes and man-made disasters in the first half of 2020 cost $75 billion, according to a new report from Swiss Re.
This number tops 2019′s first-half total of $57 billion but still falls well below the 10-year average of $112 billion.
Of the economic losses, around 40%, or $31 billion, were covered by insurance. In the previous 10 years, first-half insured claims averaged $36 billion annually.
These sigma catastrophe loss estimates are for property damage and exclude COVID-19-related claims. More than 2,000 people lost their lives or went missing in disaster events during the first half of this year. The main driver of losses were secondary perils, with thunderstorms in North America playing a significant role.
Secondary perils primary loss drivers once again
In North America, severe convective storms, such as thunderstorms with tornadoes, floods and hail, caused insured losses of over $21 billion for the period. This was the highest loss cost since the first half of 2011 when losses from this peril alone totaled roughly $30 billion.
In June, Calgary suffered losses of $1 billion from the costliest hailstorm event ever in Canada.
Danielle Ling
Danielle Ling is an experienced video journalist and business reporter. As associate editor, Danielle manages all multimedia and reports on industry news and risk-related coverage, managing all weather-related content. A University of Maryland and Philip Merrill College of Journalism alum, Danielle previously served as a video journalist for Verizon FiOS 1 News NJ, Push Pause. Connect with Danielle on LinkedIn or email her at [email protected].