The damage, tallied by the German reinsurer Munich Re , increased from $166 billion in the previous year, and comes as a warming planet heightens risks. Losses that were insured rose to $82 billion from $57 billion in 2019, Munich Re said. The hurricane season was "hyperactive", with a record 30 storms, surpassing 2005's 28 storms, Munich Re said. Heat waves and droughts are fuelling wildfires, with $16 billion in damage last year in the US West. Floods in China were the most costly individual loss at $17 billion, but only 2% of the damage was insured.

Source: bd News24 January 07, 2021 09:56 UTC