Global economic losses from natural catastrophes hit $380 billion in 2023, with insured losses coming in at $118 billion, according to a new report from Aon. The protection gap – the difference between insured and economic losses — reached 69% in 2023, up from 59% in 2022.
Tag: natural catastrophe losses
Gallagher Re: Insured Losses from Natural Catastrophes Estimated at $123 Billion
In 2023, the estimated total economic costs of direct physical damage and net-loss business interruption from global natural perils was $357 billion. The private insurance market and public insurance entities covered an estimated $123 billion of that total.
“Average” Nat Cat Losses in Q3 Are Likely to Keep Rates High: Berenberg
While a super-clean wind season is more likely than not to put pressure on rates in 2024 renewals, a hurricane making landfall will likely have profound implications for the industry, according to Berenberg analysts.
Severe Thunderstorms Account for Up to 70% of All Insured Natural Catastrophe Losses in H1 2023: Swiss Re
A series of widespread thunderstorms (severe convective storms) hit the US and account for 68% of global insured natural catastrophe losses in the first half of 2023, highlighting the increasing loss impacts of secondary perils.
Natural Disasters in First Half 2022 Cost $65 Billion: Munich Re
In the first half of 2022, natural disasters caused overall losses of $65 billion, with slightly more than half of these insured Extreme multi-day rainfall and severe flooding in Australia constituted the main loss burden for the insurance industry of at least US$ 3.7 billion U.S. once again country with highest weather-related losses Number of… Continue reading Natural Disasters in First Half 2022 Cost $65 Billion: Munich Re
Swiss Re Reveals Global Losses for 2020
Global economic losses from natural catastrophe events in 2020 were $190 billion. In GDP-normalised terms, losses rose 1.6% between 1970-2020 on a 10-year moving average basis. This is indicative of the larger scale of losses that could result if an event of the past were to occur today, given the accumulation of socio-economic value and… Continue reading Swiss Re Reveals Global Losses for 2020
Above-Average Annual Insured Natural Catastrophe Losses in 2020 Despite Multiple ‘Near-Misses’
Insured losses from major natural catastrophes in 2020 reached roughly $78 billion, the fourth largest total since 2011, and about 17% higher than the ten-year average of $66.5 billion. However, the total does not reflect high levels of storm activity, because multiple hurricanes and tropical cyclones skirted major built-up areas last year, according to the… Continue reading Above-Average Annual Insured Natural Catastrophe Losses in 2020 Despite Multiple ‘Near-Misses’
Accumulation of Catastrophe Losses Expected to Weigh on P/C Results
The U.S. P/C industry’s reported 3Q20 natural catastrophe losses will be the largest since 3Q17, driven by an elevated frequency of events during the quarter, according to Fitch Ratings. Fitch-rated (re)insurers are largely well-positioned to absorb these recent catastrophes, as carriers’ balance sheets were prepared for a potentially strong hurricane season and invested asset values… Continue reading Accumulation of Catastrophe Losses Expected to Weigh on P/C Results
Swiss Re Institute Estimates Global Insured Cat Losses at $31B in H1 2020
Global economic losses from natural catastrophes and man-made disasters in the first half of 2020 were $75 billion, according to Swiss Re Institute’s preliminary sigma estimates. That was up from the $57 billion for the same period a year earlier, but well below the average of first-half economic losses of the previous 10 years ($112… Continue reading Swiss Re Institute Estimates Global Insured Cat Losses at $31B in H1 2020