Disasters cause $120 bln insurance losses in 2022

STORY: Natural disasters turned last year into one of the costliest on record.

That's according to a key survey from reinsurer Munich Re on Tuesday (January 10).

It found losses from natural catastrophes covered by insurance came to $120 billion - just short of 2017's record.

It's even higher when they include uninsured damages - dragging the total up to $270 billion last year.

Munich Re said annual losses over $100 billion appeared to be the 'new normal'.

It mostly blamed Hurricane Ian in the U.S. and floods in Australia for last year's big numbers.

Hurricane Ian hit Florida in September and caused $60 billion of insured damages.

Floods in Australia early in the year and again in October cost $4.7 billion of insured compensation.

Pakistan also endured $15 billion in damages, most of it uninsured.

The country was hit by major floods due to record monsoon rains and faster melting glaciers, which killed at least 1,700 people.

Scientists said the events in 2022 were made worse by climate change.

They also warned there would be more to come as Earth's atmosphere warms through the next decade and beyond.