Insurance paid $313 billion in 2022 for disasters in 2022, says Aon

Robert Besser
30 Jan 2023, 15:16 GMT+10

Insurance broker Aon has estimated that natural disasters caused global economic losses worth $313 billion in 2022
It added that losses from natural catastrophes, many being caused by climate change and covered by the insurance sector amounted to $132 billion
Aon said the protection gap was one of the lowest on record, despite the rising number of catastrophic events, such as floods and hurricanes

LONDON, England: Insurance broker Aon has estimated that natural disasters caused global economic losses worth $313 billion in 2022.

It added that losses from natural catastrophes, many being caused by climate change and covered by the insurance sector amounted to $132 billion, 57 percent over the 21st-century average, leaving a global "protection gap" of 58 percent.

Aon said the protection gap was one of the lowest on record, despite the rising number of catastrophic events, such as floods and hurricanes, with at least 421 individual events, compared to an average of 396 since 2000.

In an interview with Reuters, Michal Lorinc, head of catastrophe insight at Aon, said, "It was relatively low due to the fact that many of the costliest disasters occurred in countries with mature insurance markets, such as US or Europe, whereas losses in less-covered regions such as Asia were well below average."

According to Aon, in 2022 some 31,300 people died as a result of natural catastrophe events, with two-thirds being linked to severe heatwaves in Europe between June and July.

In Australia, insured losses linked to floods reached a record $4 billion, as the weather phenomenon called La Nina extended into 2022, causing severe rainfall and flooding around the country.

Additionally, the monsoon season in Pakistan caused 175 percent above-average precipitation from July to September, Aon said, citing the local Meteorological Department.

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Scotland Star.

More Information

7 ℃

Showers in the Vicinity in Edinburgh

UK

Section

Plans being finalized for US President Biden's April visit to Ireland

DUBLIN, Ireland: The local media is reporting that US President Joe Biden will visit Ireland from April 11 until April ...

Von der Leyen in line for NATO's top job The Sun

Several members of the military bloc are backing EU president's candidacy, a diplomatic source told the outletEuropean Commission President Ursula ...