Claims from natural disasters set to top $100 billion for a third year

Claims for weather-related incidents are set to exceed $100 billion for the third year in a row, as floods, hail and wildfires linked to climate change become more frequent.

Munich Re has put the total global insured costs of natural-catastrophe events in the first half of 2023 at $43 billion, while Swiss Re has pegged it at $50 billion, according to a report by Bloomberg Intelligence.

More than two-thirds of the insured losses were as a result of severe thunderstorms in the US.