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2021 Nat Cat Summary

Hurricanes, cold waves, tornadoes: Weather disasters in USA dominate natural disaster losses
in 2021

  • In 2021, natural disasters caused overall losses of US$ 280bn, of which roughly US$ 120bn were insured
  • Alongside 2005 and 2011, the year 2021 proved to be the second-costliest ever for the insurance sector (record year 2017: US$ 146bn, inflation-adjusted) – overall losses from natural disasters were the fourth-highest to date (record year 2011: US$ 355bn)
  • Hurricane Ida was the year’s costliest natural disaster, with overall losses of US$ 65bn (insured losses of US$ 36bn)
  • In Europe, flash floods after extreme rainfall caused losses of US$ 54bn (€46bn) – the costliest natural disaster on record in Germany 
  • Many of the weather catastrophes fit in with the expected consequences of climate change, making greater loss preparedness and climate protection a matter of urgency

Natural disaster losses increased substantially

Worldwide, natural disasters caused substantially higher losses in 2021 than in the two previous years. Based on provisional data, storms, floods, wildfires and earthquakes destroyed assets worth US$ 280bn. Losses in the previous year amounted to US$ 210bn, while in 2019 they were US$ 166bn. Roughly US$ 120bn of losses were insured, which was also more than in the two previous years (2020: US$ 82bn, 2019: US$ 57bn). The insurance gap, in other words the uninsured portion, declined slightly due to a higher proportion of losses in the USA, but was still approximately 57%. Almost 10,000 people lost their lives in natural disasters in 2021, a death toll comparable with those of recent years.

More topics

Business risks are as diverse as business models themselves: business interruption, market developments, cyber incidents, natural catastrophes, legal changes, macroeconomic developments, loss of reputation – and the list goes on. Find more information using the links below.  

Introducing Location Risk Intelligence (LRI)

Location Risk Intelligence is a comprehensive analysis platform for location risk assessment and management. Alternatively, you can access the scores of the solution via API (Application Programming Interface) and use this data entirely in your own applications.

Looking for previous content?  Check out the links below...

June 2021 - Climate Change and the Impact on Insurance

Did you miss our last webinar on Climate Change?  Join Munich Re and the Intact Centre on Climate Adaptation for an informative webinar on Climate Change where Blair Feltmate will provide a Canadian perspective including policy changes, and Munich Re’s Ernst Rauch and Sergey Obolensky will provide a global perspective including climate risk analytics.  

Click on this link and provide the information requested.  
This webinar was recorded on June 8, 2021.

June 2021 - IFRS17 - Opportuities and Challenges

The implementation of IFRS 17 will have a significant impact on the valuation of insurance contracts. As IFRS17 gathers speed and the focus has shifted from theory to practical implementation, work continues to understand and prepare for financial reporting under this new standard.  This is creating both opportunities and challenges.  In this session, you will hear about Munich Re's IFRS17 journey and insights into a global standard in a Canadian context; what to expect from your actuary; and a reinsurer's view,  some practical examples and considerations.

Click on this link and provide the information requested.
This session was recordeded on June 29, 2021.

June 2021 - introducing the 2021 Tech Trend Radar report

Our future is full  of opportunities to transition our business. The preparation of the 2021 version of our Tech Trend Radar has particular emphasis on technologies that are becoming increasingly relevant for our industry.   Click here to view more....

The Tech Trend Radar began in 2015 as a collaborative initiative around trend monitoring between Munich Re and our primary insurer ERGO. Our aim is to promote innovative initiatives around each tech trend with our Clients and develop the best solution for the challenges of tomorrow.

2020 Webinar Series

Did you miss our webinars?   Click here to review and re-watch our 2020 series.

  • Future of Connected Cars
  • Impact of Data Analytics on the Insurance Value Chain
  • Current Trends in the SME Product Landscape
  • Wildfire Portfolio Analysis
  • Climate Score
  • Introducing GeoWeb

In the Spotlight