Key findings of the report
- Third largest insured loss estimate from major natural catastrophes since 2011 with the annual market loss for 2021 coming in at USD 116 billion, driven by a series of extreme weather-related events in the US and the second most severe flood event ever experienced in Europe. This also put the 2021 insured losses at 63% higher than the average since 2011 (USD 71 billion).
- By region, North America accounted for the largest proportion of the loss at 68%, followed by Europe, Middle East & Africa at 23%, Asia Pacific at 8% and Latin America and the Caribbean at 1%.
- By peril, tropical cyclones were the most impactful, responsible for 35% of the overall insured losses, followed by severe thunderstorms (including tornado and hail) at 25% and flood at 18%.
- At USD 37 billion, Hurricane Ida in August was the largest insured loss from a single event, in all property insured losses with a series of unusual events also impacting North America, such as winter storms affecting southern states in February and severe convective storms in the Midwest in December.
- In Europe, the largest loss-causing event came in mid-July when Storm Bernd caused more than USD 13 billion in insured losses, predominantly in Germany and Belgium, with the severity of impact coming as a consequence of the storm remaining in the region longer than expected.
- In Asia, the 2021 season saw no single typhoon making landfall in Japan, in contrast with the tropical cyclone losses observed there during 2018/19.