By Giulia Petroni 
 

Natural disasters caused significantly more financial damage world-wide in 2021 compared with the previous two years, Munich Re said Monday.

The German reinsurer said that, based on provisional data, overall losses caused by natural disasters came to $280 billion compared with $210 billion in 2020 and $166 billion in 2019.

Around $120 billion of 2021's losses were insured, Munich Re said.

"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," Munich Re said.

The U.S. accounted for a large share of losses last year, with roughly $145 billion due to tornadoes, tropical storms and freezes. The costliest natural disaster was Hurricane Ida, which caused losses of $65 billion, with more than half of that insured.

In Europe, overall losses came in at $54 billion, of which only $13 billion were insured, Munich Re said. Germany was hardest hit due to exceptionally severe flooding.

 

Write to Giulia Petroni at giulia.petroni@wsj.com

 

(END) Dow Jones Newswires

January 10, 2022 05:14 ET (10:14 GMT)

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