Disasters, inflation raise insurers’ costs in 2022

Economic losses caused by natural disasters amounted to US$275bil (RM1.23 trillion) in 2022, down 5.8% compared to the US$303bil (RM1.35 trillion) in 2021, said the Zurich-based group. — Bloomberg

Zurich: Natural disasters increased insurers’ costs in 2022, with inflation pushing up the bill even more, reinsurer Swiss Re says, warning of likely further rises in the future due to climate change.

Economic losses caused by natural disasters amounted to US$275bil (RM1.23 trillion) in 2022, down 5.8% compared to the US$303bil (RM1.35 trillion) in 2021, said the Zurich-based group, which acts as an insurer for insurers.