Disasters hit insurers for R1.3-trillion
Insurers were hit by $89bn (about R1.3-trillion) in losses from disasters in 2020, the fifth-costliest year for the industry in data going back five decades, according to a new report from Swiss Re.
The reinsurer said the bulk of those costs, which were higher than the previous 10-year annual average of $79bn, were from natural catastrophes, including hurricanes Laura and
Sally and a derecho (severe wind) storm in the US.
Total economic losses from natural and man-made catastrophes reached $202bn, up from $150bn in 2019.