Severe storms cost insurers a record US$60 billion in 2023
This is the first time that severe thunderstorms have caused this level of loss in the insurance industry.
The increased frequency of severe thunderstorms as a result of global warming is the main contributor to insured losses this year at US$60 billion, according to the Swiss Re Institute.
This is the first time that severe thunderstorms have caused this level of loss in the insurance industry – yet this number only represents a fraction of the overall cost of natural disaster-related damages, which is estimated at US$269 billion in 2023.
