THE TRUTH ABOUT: Munich re - Caught on Camera

After damaging wildfires in LA, tornadoes and series of floods, the first six months of this year smashed multiple extreme weather records in the U.S., data show — and experts say this trend is likely to continue.

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.

There are no Pellsian climate deniers in the insurance industry, haven’t been for many years as the dollar cost of climate change is counted.

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…