Global insurance companies have incurred losses amounting to $60 billion due to natural disasters in the first half of this year, marking a 62% increase compared to the average losses during the same period over the past decade.
According to a report released by the research institute of Swiss Re, a leading reinsurance company, storm-related losses in the United States alone accounted for about 70% of the global insurance losses.
This high percentage is attributed to the extensive coverage of buildings and infrastructure in the US, where insured properties are more expensive than anywhere else in the world, coupled with rising construction costs.
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