Last year, losses from natural catastrophes covered by insurance totaled around $120 billion, according to Munich Re, the world’s largest reinsurer. This exceeds the five-year average of $97 billion in insured losses and is higher than an initial estimate of $115 billion from Swiss Re. Climate change is making extreme weather events more likely, and insurance companies are raising rates and ceasing coverage in some places due to increased risk of disaster. The United States saw major damage from Hurricane Ian in September with around $100 billion in total losses, while floods in Australia resulted in $ 8.1 billion overall and floods in Pakistan caused $15 billion in damages - most of which were not insured. Read more>>>Hurricanes and Floods Bring $120B in 2022 Insurance Losses: Munich Re (insurancejournal.com)