Aon: Global Insured Losses from Natural Disasters Exceeded $130 Billion in 2022, Driven by Second-Costliest Event on Record
- Annual Weather, Climate and Catastrophe Insight report reveals
$313 billion global economic loss from natural catastrophes - Prominence of droughts and heatwaves highlighted growing importance of these perils in a warming world
Data show that 2022 was the fifth costliest year on record for insurers, with approximately
The report also highlights that approximately 31,300 people lost their lives due to global natural catastrophe events in 2022. The total number of fatalities remains below average for now 12 years in a row; however, more than 19,000 of the fatalities were heat-related deaths in
While a majority of total losses in 2022 were left uninsured, the 58 percent "protection gap" was one of the lowest on record, highlighting a positive shift in how businesses are navigating volatility through risk mitigation, and how insurers are providing further protection to underserved communities through access to capital.
"This report explores the events and costs of catastrophes and natural disasters in 2022 that created a staggering amount of economic loss," said
While technological innovation has allowed for better insight as catastrophes unfold and faster and more thorough assessments of damages after an event, the
Further findings of the 2023 Weather, Climate and Catastrophe Insight report include:
- 421 notable natural disaster events were recorded in 2022, higher than the 21st century average of 396.
- 75 percent of global insured losses were recorded in
the United States , which was higher than the average of 60 percent. - Windstorm Eunice was the costliest individual European windstorm since 2010, with
$3.4 billion in insured losses. Widespread hailstorms inFrance contributed to the second-highest natural disaster payouts for the country on record of €6.9 billion ($7.4 billion ). - Droughts and heatwaves severely impacted
Europe ,the United States , China and other regions and global insurance payouts for the drought peril were the second highest on record, at$12.6 billion globally. - Flood losses in
Australia broke the historical record as La Niña conditions persisted for a third year andSydney recorded the highest annual rainfall. - Monsoonal floods in
Pakistan had a far-reaching humanitarian impact on the country. In a summary of the 2022 monsoon season, thePakistan Meteorological Department noted that country-wide rainfall from July to September was 175 percent above average. - Both severe drought conditions and a prolonged rainy season in different regions of
Latin America reduced agricultural crop yield across the region.
"The devastation that disasters caused around the world demonstrate the need for wider adoption of risk mitigation strategies, including better disaster management and warning systems that improve resilience," said Michal Lörinc, head of Catastrophe Insight at
The top 10 global economic loss events in 2022 were:
Date |
Event |
Location |
Deaths |
Economic |
Insured |
($ billion) |
($ billion) |
||||
09/27 – 10/01 |
Hurricane Ian |
|
157 |
95.5 |
52.5 |
Annual |
European Drought |
Southern, Western & |
N/A |
22 |
3 |
Annual |
|
|
N/A |
16 |
8 |
06/14 – 10/30 |
Pakistan Seasonal Floods |
|
1,739 |
15 |
0.1 |
06/01 – 09/30 |
China Seasonal Floods |
China |
195 |
15 |
0.4 |
03/16 |
Fukushima Earthquake |
|
4 |
9.1 |
2.9 |
02/23 – 03/31 |
QLD & NSW Floods |
|
22 |
8 |
4 |
Annual |
|
China |
N/A |
7.6 |
0.2 |
02/18 – 02/19 |
Windstorm Eunice |
Western & |
17 |
4.5 |
3.4 |
05/17 – 10/31 |
India Seasonal Floods |
|
2,135 |
4.2 |
0.1 |
All other events |
~27,100 |
115.6 |
57.4 |
||
TOTALS |
~31,300 |
313 billion |
132 billion |
The full report and a short video are available on
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