Thunderstorms and floods were “key drivers” as global insured losses totalled $US60 billion ($91.11 billion) in the first half, according to Swiss Re.

The figure is similar to last year’s first-half total but is up 31% on the 10-year average of $US42 billion ($63.78 billion).

Severe thunderstorms in the US accounted for about 70% of the loss at $US42 billion ($63.78 billion). 

Swiss Re catastrophe perils head Balz Grollimund says the figure reflects the growing threat from thunderstorms and severe convective storms such as tornados, hailstorms and heavy rain.

“In recent years, severe thunderstorms have emerged as a main driver of a significant increase in insured losses,” he said. “This is due to growing populations and higher property values in urban areas, along with insured property being more vulnerable to hail damage. Therefore, multibillion-dollar loss events from this peril are likely to become more common.” 

The US has had 12 billion-dollar-loss storms this year. The reinsurer says insured losses from storms in the country have increased by 8% annually since 2008. 

Group chief economist Jerome Jean Haegeli said: “Insured losses from severe thunderstorms have been growing due to a mix of factors including inflation, which has contributed to rising construction costs. And, with economic development, overall exposures will continue to increase.

“That’s why investing in protective measures – such as shielding vulnerable communities from floods or improving building codes to protect homes from severe hailstorms – is vital.”

Swiss Re says 14% of global insured losses stemmed from floods in the UAE, Brazil and Germany.