Nat cat rendered $132bn in 2022 insured losses: Aon

Natural disasters likely rendered $313 billion in economic loss globally in 2022, including $132 billion in insured losses, making it the fifth costliest year on record for insurers, the 2023 Weather, Climate and Catastrophe Insight report from global insurance broker group  Aon shows.

Some 75% of global insured losses were recorded in the US, above the long-run average of 60%. The Aon count includes 421 notable natural disaster events in 2022, higher than the 21st century average of 396.

Hurricane Ian contributed an approximate $50 to 55 billion to the headline sum of insured losses, making it the second most expensive natural catastrophe the industry has suffered. Hurricane Katrina continues her 17-year reign as the costliest ever.

In Europe, windstorm Eunice was the costliest individual European windstorm since 2010, with $3.4 billion in insured losses. Widespread hailstorms in France contributed to the second-highest natural disaster payouts for the country on record of €6.9 billion.

Droughts and heatwaves added $12.6 billion to the global annual count, with severe impacts noted in Europe, the United States, China and other regions.

Elsewhere on the list: flood losses in Australia, monsoonal floods in Pakistan, crop-killing drought in Latin America.

Aon puts the fatality count at 31,300, below average for the twelfth year running, but boosted nonetheless by 19,000 heat-related deaths in Europe.

The 58% protection gap between the total economic losses and the insured sum is “one of the lowest on record,” highlighting risk mitigation by business and increased penetration of insurance into underserved communities.

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