The US share of losses was rather high: Natural disasters in the US accounted for USD 95 billion (2019: USD 51 billion) of overall losses and USD 67 billion of insured losses (2019: USD 26 billion).
Overall, the uninsured precent of natural disaster losses in 2020 was around 60%. In Asia, only a small portion of losses was insured in the growing economies. The year's costliest natural disaster was the severe flooding in China during the summer monsoon rains. Overall losses from the floods amounted to approximately USD 17 billion, only around 2% of which was insured. Insurance solutions either from the private sector or in the form of public-private partnerships could help to improve resilience, in other words the ability to return to normal life as quickly as possible.
In Europe, the natural disaster figures for 2020 were relatively benign. Overall losses came to USD 12 billion, with insured losses of USD 3.6 billion.
"Natural catastrophe losses in 2020 were significantly higher than in the previous year. Record numbers for many relevant hazards are a cause for concern, whether we are talking about the severe hurricane season, major wildfires or the series of thunderstorms in the US. Climate change will play an increasing role in all of these hazards. Five years ago in Paris, the global community set itself the target of keeping global warming well below 2