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Extreme Weather Caused $65 Billion in Losses in the First Half

  • Munich Re says Australia floods were costliest insurance event
  • Science chief says link to climate change is ‘extremely clear’
Houses submerged by floodwaters in Sydney on March 9.

Houses submerged by floodwaters in Sydney on March 9.

Photographer: Saeed Khan/AFP/Getty Images

Extreme weather events linked to climate change caused about $65 billion in total losses in the first half of 2022, roughly half of which hit uninsured assets, according to data compiled by Munich Re.

Insured losses reached about $34 billion, broadly in line with previous years, the German reinusurer said on Thursday. Overall damages through June, which were also caused by natural disasters such as earthquakes, dropped from $105 billion a year earlier. The half-year data for 2022 doesn’t include the full fallout from Europe’s heatwave, which fanned drought, wildfires and water shortages.