Natural disasters cost Asia-Pacific US$50 billion last year, of which just US$9 billion was covered by insurance, says Munich Re

Natural disasters caused economic losses of US$280 billion globally in 2021, making it the second-costliest year on record, according to Munich Re, the world’s largest reinsurer.Less than half this amount was covered by insurance, the company said. The Asia-Pacific region, though its losses were modest, lagged the rest of the world on this metric – only a fraction of its losses were insured.Last year’s US$280 billion figure was substantially higher than the US$210 billion in 2020 and the US$166…