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LA wildfires push insurance losses to highest since 2011: Munich Re / Photo: © AFP
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LA wildfires push insurance losses to highest since 2011: Munich Re
The Los Angeles wildfires drove insured natural disaster losses in the first half of the year to their highest level since Japan's Fukushima disaster in 2011, German reinsurance giant Munich Re said Tuesday.
Insurers took almost $80 billion (69 billion euros) of losses from natural disasters worldwide, Munich Re said, the second-highest hit since 1980.
Wildfires around Los Angeles in January caused about $40 billion of the insured losses, said the group, which primarily covers insurers against their own risks -- an all-time record for wildfire damage.
The two enormous fires killed 31 people and destroyed more than 16,000 homes and buildings around the American city.
"Climate change is a fact and is changing life on Earth," Munich Re board member Thomas Blunck said. "People, authorities and companies must all adapt to new circumstances."
Only the first half of 2011 saw higher insured losses, after a massive earthquake triggered a tsunami that left 18,500 people dead or missing and caused a devastating meltdown at the Fukushima nuclear plant in Japan.
Overall, there was $131 billion worth of damage worldwide if uninsured losses are included, Munich Re said, down from $155 billion in the first half of last year.
Almost 90 percent of overall losses were weather-related, Munich Re said, with the figure rising to 98 percent for insured losses.
Numerous scientific studies conclude that climate change, caused by pollutants such as carbon dioxide emissions, increases the frequency and intensity of extreme weather events such as droughts and wildfires.
Western Europe this year experienced its hottest June on record and Turkey on Saturday registered a nationwide temperature record of 50.5C.
O.Green--SFF
