However, this amount is above the 10-year average of $98 billion for the first half of the year, the Swiss reinsurer said in a statement.
Last week, its German competitor Munich Re had also estimated the amount of economic losses at 120 billion dollars for the first half of 2024.
Expenses covered by insurers amounted to $60 billion, remaining at the same level as in the first half of 2023.
Severe storms – accompanied by tornadoes, hail and heavy rainfall – alone caused $42 billion in insured losses worldwide, said Swiss Re, which acts as an insurer for the insurers.
“In the United States, 12 storms each caused losses of $1 billion or more,” the Swiss group said in a statement.
Swiss Re regularly highlights the significant costs incurred by storms, stressing that the amount of damage is increasing due to several factors such as “inflation which contributed to an increase in construction costs,” said Jérôme Jean Haegeli, an economist at Swiss Re, quoted in the statement.
Floods accounted for 14% of insured losses due to events in the United Arab Emirates, Germany and Brazil.
According to industry estimates, insured losses from the UAE floods are expected to amount to “at least $2 billion, making it the costliest natural disaster on record in the country.”
Taking into account the category of man-made disasters (such as fires or industrial accidents), expenses for insurers amounted to $66 billion compared to $65 billion in the first half of 2023.
