Natural disasters cost insurance industry $76 billion in 2020: Swiss Re

ZURICH (Reuters) - Natural disasters like wildfires which devastated parts of the United States and a record number of hurricanes in the Atlantic caused $76 billion in insured losses during 2020, Swiss Re said on Tuesday. The 40% increase from $54 billion in 2019 dwarfed the $7 billion in man-made losses during 2020, the reinsurance company said in its sigma estimate for the year.

The total insurance industry losses of $83 billion made 2020 the fifth costliest year since 1970, the company said. "Losses were driven by a record.

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