Globally, total economic losses in H1 2021 were £56bn, according to Swiss Re, down by 33% on the £83bn announced for the same period last year and less than the 10-year average of £78bn. Insured losses for H1 2021 nudged up 4% on last year to hit £30bn.

Natural catastrophe losses accounted for 95% of the insured losses, the other 5% were man made.

Jérôme Jean Haegeli, group chief economist at Swiss Re, said: “Climate change is one of the biggest risks facing society and the global economy. The recent analysis from the UN’s Intergovernmental Panel on Climate Change confirms expectations of more extreme weather in the future and urgency to act to limit global warming.

“Working with the public sector, the re/insurance industry plays a key role in helping to strengthen communities’ resilience by steering development away from high-risk areas, making adaptation investments, maintaining insurability of assets and narrowing protection gaps.”

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