The world has witnessed devastating events that caused immense financial losses, with some catastrophes leaving a significant mark on the insurance industry. This list explores the top 10 insured disasters, ranked by estimated insured losses.
Natural Catastrophes on the Rise
It’s no coincidence that many entries on this list involve extreme weather events. Climate change is predicted to increase the frequency and intensity of natural disasters, posing a growing challenge for insurers.
10. Texas Polar Vortex (2021) – $15 Billion in Insured Losses
In 2021, a polar vortex plunged Texas into frigid temperatures, causing widespread power outages and highlighting the state’s reliance on its own energy grid. This freak weather event resulted in an estimated $15 billion in insured losses.
9. Hurricane Ike (2008) – $18 Billion in Insured Losses
Hurricanes are a constant threat to coastal communities, and Hurricane Ike is a prime example. Wreaking havoc in 2008, it caused a storm surge that devastated parts of Texas and Louisiana, leading to nearly $18 billion in insured losses.
