Hurricanes and floods bring $120 billion in insurance losses in 2022

FILE PHOTO: Remains of destroyed houses are seen almost one month after Hurricane Ian landfall in Fort Myers Beach, Florida, U.S., October 26, 2022. REUTERS/Marco Bello/File Photo

FRANKFURT/MUNICH (Reuters) - Hurricane Ian in the United States and floods and Australia helped to make 2022 one of the costliest years on record for natural disasters, Munich Re said on Tuesday, warning that climate change was making storms more intense and frequent.

Losses from natural catastrophes covered by insurance totalled around $120 billion last year, similar to 2021, though short of 2017's record damages, Munich Re, the world's largest reinsurer, said.