Sunday Times

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.

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