The Latest Breaking News from Munich Re

Germany’s reinsurance giant took a serious hit from the US wildfires, dragging down the company’s property and casualty reinsurance segments and almost halving Munich Re’s net earnings.

The damage is expected to far exceed the $16 billion in economic losses from Maui's wildfires two years ago. Weather now accounts for almost all of the $320 billion in annual natural catastrophe damages worldwide.

A massive hurricane, a historic drought and 16 other major disasters across the U.S. collectively racked up $165 billion in damages and killed at least 474 people in 2022, according to a National Oceanic and Atmospheric Administration analysis published Tuesday.

Hurricane Ian in the United States and floods and Australia helped to make 2022 one of the costliest years on record for natural disasters, Munich Re said on Tuesday, warning that climate change was making storms more intense and frequent.

Hurricanes and tropical storms across the Atlantic caused about $110 billion in damages and losses this year, making it the most destructive season in five years, according to Munich Re, a German multinational insurance company.

Environmental campaigners are welcoming moves by insurance companies to exclude coverage for fossil fuel projects because of climate change

The Asia-Pacific region has been plagued by large-scale natural catastrophes and consequent financial damage in recent years, with total economic losses reaching US$50bn (1.8tn baht) last year according to Munich Re's NatCat (Natural Catastrophes) Service Annual report. Yet, just approximately 17% (US$8.4bn) of those losses were insured, highlighting the large…