With an insured loss estimate of USD 116 billion – 63% higher than the average – 2021 was the third largest insured loss from major natural catastrophes since 2011 according to the recently published Summary of Natural Catastrophe Events 2021 from ICMIF Supporting Member Gallagher Re. This was driven by a series of extreme weather-related events in the US and the severe European flood event in mid-July, affecting mainly Germany and Belgium.
By region, North America accounted for the largest proportion of the loss at 68%, with tropical cyclones the most impactful peril, responsible for 35% of the overall insured losses.
These are some of the headline findings of the Summary of Natural Catastrophe Events 2021, published earlier this month.
For all the detail on major catastrophe events in 2021, covering both insured losses and economic impact, across perils and regions, download the full report here.
Key findings of the report:
- Third largest insured loss estimate from major natural catastrophes since 2011 with the annual market loss for 2021 coming in at USD 116 billion, driven by a series of extreme weather-related events in the US and the second most severe flood event ever experienced in Europe. This also put the 2021 insured losses at 63% higher than the average since 2011 (USD 71 billion).
- By region, North America accounted for the largest proportion of the loss at 68%, followed by Europe, Middle East & Africa at 23%, Asia Pacific at 8% and Latin America and the Caribbean at 1%.
- By peril, tropical cyclones were the most impactful, responsible for 35% of the overall insured losses, followed by severe thunderstorms (including tornado and hail) at 25% and flood at 18%.
- At USD 37 billion, Hurricane Ida in August was the largest insured loss from a single event, in all property insured losses with a series of unusual events also impacting North America, such as winter storms affecting southern states in February and severe convective storms in the Midwest in December.
- In Europe, the largest loss-causing event came in mid-July when Storm Bernd caused more than USD 13 billion in insured losses, predominantly in Germany and Belgium, with the severity of impact coming as a consequence of the storm remaining in the region longer than expected.
- In Asia, the 2021 season saw no single typhoon making landfall in Japan, in contrast with the tropical cyclone losses observed there during 2018/19.
Download the full report here.