Losses from natural catastrophes covered by insurance totalled around $120 billion last year, similar to 2021, though short of 2017's record damages, Munich Re (MUVGn.DE), the world's largest reinsurer, said. Annual insured losses of $100 billion appear to be "the new normal", he said. Total losses from natural catastrophes, including those not covered by insurance, were $270 billion in 2022. The United States once again accounted for a big portion of the losses with Hurricane Ian, which hit Florida in September, causing $60 billion of insured damages and $100 billion in total losses. Floods in Australia early in the year and again in October resulted in $4.7 billion in insured damages and $8.1 billion overall.

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