With an insured loss estimate of USD 116 billion – 63% higher than the average – 2021 was the third largest insured loss from major natural catastrophes since 2011 according to the recently published Summary of Natural Catastrophe Events 2021 from ICMIF Supporting Member Gallagher Re. This was driven by a series of extreme weather-related events in the US and the severe European flood event in mid-July, affecting mainly Germany and Belgium.