Losses Caused by Natural Disasters Rose Sharply

Frankfurt Main, Jan 7 (AFP/APP): Financial losses worldwide caused by natural disasters rose sharply in 2020 compared, German reinsurance giant Munich Re said Thursday, urging action to prevent climate change from bringing about more such hazards.

The global bill came to $210 billion (171 billion euros) in damage, due to a record hurricane season and major forest fires, compared with $166 billion in 2019, Munich Re said in an annual report.

The insured amount came to $82 billion, or around 40 percent of the total, the Bavarian company said.

The disasters claimed around 8,200 lives worldwide, the report said. “Climate change will play an increasing role in all of these hazards,” said Munich Re board member Torsten Jeworrek.

As part of the Paris Agreement, “the global community set itself the target of keeping global warming well below two degrees Celsius.

It is time to act,” he added. Six of the most costly disasters were in the United States, which suffered the most active hurricane season on record in 2020. The North Atlantic season was “hyperactive”, Munich Re said, with a record-setting 30 storms including 13 hurricanes.

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