Disasters cost $268 billion in 2022

GENEVA: Natural and man-made catastrophes have caused $268 billion of economic losses so far in 2022, chiefly driven by Hurricane Ian and other extreme weather disasters, reinsurance giant Swiss Re estimated on Thursday.

Insured losses covered $122 billion -- less than half -- of the total economic losses to date this year, said the Zurich-based group, which acts as an insurer for insurers. “Hurricane Ian and other extreme weather events such as the winter storms in Europe, flooding in Australia and South Africa as well as hailstorms in France and in the United States resulted in an estimated $115 billion of natural catastrophe insured losses this year to date,” Swiss Re said in a statement.