Global Insured Losses From Natural Disasters Topped $130B in 2022 in 5th Costliest Year

According to Aon, economic losses from natural catastrophes in 2022 are estimated at $313 billion, with insurance costs of about $132 billion.

According to Aon's 2023 Weather, Climate and Catastrophe Insight, approximately 42% of economic losses are covered by public and private insurers, resulting in a global undercoverage gap of 58%, the lowest ever. I'm here. (The protection gap is the difference between the total economic loss and the amount covered by insurance).

Data show that 2022 will be the fifth costliest year on record for insurers, with global insured losses from Hurricane Ian in the United States at around $50 billion to $55 billion.

Hurricane Ian was the second most costly natural catastrophe in history from an insurance perspective, responsible for about 30% of global economic losses and 40% of insured losses, Aon said, with Hurricane Ian contributing 99 billion dollars. He pointed out that it only outperformed Hurricane Katrina on an overvalued dollar basis.

While much of the world's catastrophe losses remain uninsured, 2022 will see the smallest gap in coverage, similar to his record 2005, when about 40% of losses were covered. he became one. The report believes that in the United States, a country with a relatively mature insurance market, very expensive hurricane events in both 2022 and he said in 2005 have caused the coverage gap to narrow.

Other findings from the 2023 Weather, Climate and Catastrophe Insight report include:

n 2022, 421 notable natural disasters will be recorded, above the 21st century average of 396.
75% of global insured losses are in the US (as a result of Hurricane Ian), which is above the average of 60%.
Global economic losses from natural disasters reached US$313 billion, four times the 21st century average.
By 2022, there will be at least 39 billion-dollar natural catastrophes, fewer than the average of 40.
Three global drought events in the United States, Europe and China rank among the top 10 most damaging disasters, highlighting the increasing importance of disasters on a global scale. (US and European drought insurers cost $8 billion and $3 billion respectively, while China's drought insurance premiums are $200 million).
Severe drought continues to affect western US states, pushing crop insurance payments to their highest levels since historic losses in 2012.
Storm Eunice was Europe's most costly single storm since 2010, with insured losses of USD 3.4 billion. Contributed to the second highest amount of payments. Natural disasters for the country.
Floods in Queensland and New South Wales in February and March 2022 caused insured losses of USD 4 billion. April's floods in South Africa were the country's worst ever, causing an estimated USD 1.8 billion in insured losses.
Monsoon flooding in Pakistan has had far-reaching humanitarian impacts on the country. In its overview of the 2022 monsoon season, Pakistan's Meteorological Department said the country's rainfall from July to September was 175 more than average.
Both severe drought and prolonged rainy seasons in various parts of Latin America have reduced crop yields across the region.