How decentralized finance is benefitting the insurance industry

Munich Re estimates that the economic losses from natural disasters totaled $150 billion in 2019, of which about a third ($52 billion) was insured.

The costliest event was the Hagibis typhoon in Japan, which resulted in economic losses of about $17 billion, of which $10 billion was insured. So far, 2020 has seen several high profile floods around the world. Especially Africa and China were hit by unusually long periods of rainfall. In China alone, more than 63 million people were affected, with the total combined economic losses expected to exceed $32 billion.