2023
Weather, Climate and
Catastrophe Insight
As climate change impacts the frequency and severity of costly weather events across the globe, the impact is tangible, immediate and measurable. With this challenge comes opportunity. Aon’s 2023 Weather, Climate and Catastrophe Insight better informs readers to identify natural disaster trends and make better decisions to manage volatility and enhance global resilience. This year, we investigate how to de-risk climate innovation and unlock opportunity to build a resilient future for the communities in which we live and work.
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As climate change impacts the frequency and severity of costly weather events across the globe, the impact is tangible, immediate and measurable. With this challenge comes opportunity. This year, we investigate how to de-risk climate innovation and unlock opportunity to build a resilient future for the communities in which we live and work.
De-risking for a Resilient World
Aon produces weekly, quarterly and annual reports, as well as real-time updates on major global catastrophic events as they happen around the world. Visit our Catastrophe Insight website to sign up for these reports.
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The global protection gap is the difference between total economic losses and what’s covered by insurance. This remains a critical reference point as it highlights the vulnerability of communities and the opportunity for new solutions.
57% Global Protection Gap $174 billion
43% Insured Loss $130 billion
Economic loss:
$304 billion
All figures in 2022 U.S. Dollars
43 percent of losses were covered by insurance – this is one of the lowest gaps on record at 57 percent but shows opportunity to provide further protection
Economic Losses from Natural Disasters Were estimated at $304 Billion in 2022
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Hurricane Ian – the costliest event of the year
Varying levels of resilience seen in different regions of the world in the aftermath of 2022 events reiterate the need for building towards better preparedness and risk management”
Global
Choose a region to see the findings
“Global insured losses exceeded $100 billion for the third year in a row. Much of this total was driven by the impact of Hurricane Ian, but many regions of the globe recorded significant disaster events.”
Global and
Regional Findings
Global
U.S.
South America
North America
(non U.S.)
Europe
Middle East
Africa
Asia
Oceania
Global drought and heatwaves
European windstorm series in February
View 2022 Natural Disaster events and loss trends
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European Windstorm Series in February
Hurricane Ian – the Costliest Event of the Year
Global Drought and Heatwaves
Varying levels of resilience seen
in different regions of the world
in the aftermath of 2022 events reiterated the need for building towards better preparedness and risk management."
Deadly Flooding in Missouri and Kentucky in July
Severe convective storm outbreaks, including the Midwest derecho in May
Hurricane Ian is the second costliest insured event on record globally (behind Katrina)
Macroeconomic factors and uniqueness of the insurance space in Florida will impact loss development in the aftermath of Hurricane Ian”
European Windstorm Series in February
Hurricane Ian – the Costliest Event of the Year
Global Drought and Heatwaves
Both severe drought conditions and a prolonged rainy season in different regions of Latin America reduced agricultural crop yield across the region”
U.S.
Subtropical storm Yakecan hit Brazil and Uruguay in May
A prolonged rainy season in Colombia and Venezuela claimed hundreds of lives
A record heatwave in January, notably in Argentina
Both severe drought conditions and a prolonged rainy season in different regions of Latin America reduced agricultural crop yield across the region”
European Windstorm Series in February
Hurricane Ian – the Costliest Event of the Year
Global Drought and Heatwaves
Hurricane Fiona was the strongest and costliest ex-hurricane to strike Eastern Canada on record”
South America
European Windstorm Series in February
Hurricane Ian – the Costliest Event of the Year
Global Drought and Heatwaves
The issue of climate change impacts in Europe was in the spotlight again, as the continent endured severe heat, drought and wildfires during the summer months”
Hurricane Julia affected Central America in October
Hurricane Fiona hit Eastern Canada in September
A derecho in Southern Ontario and Quebec in May
Both severe drought conditions and a prolonged rainy season in different regions of Latin America reduced agricultural crop yield across the region”
North America
(non U.S.)
European Windstorm Series in February
Hurricane Ian – the Costliest Event of the Year
Global Drought and Heatwaves
The Middle East endured notable flooding and earthquake events, which took a significant toll on human life and property in the region.”
Europe was engulfed by heat and drought during the summer months
Severe convective storms and hailstorms in May and June were the costliest on record in France
A series of windstorms Dudley, Eunice and Franklin in February
The issue of climate change impacts in Europe was in the spotlight again, as the continent endured severe heat, drought and wildfires during the summer months”
Europe
European Windstorm Series in February
Hurricane Ian – the Costliest Event of the Year
Global Drought and Heatwaves
Severe drought in Eastern Africa and historic flooding in the western and central parts of the continent affected millions of the most vulnerable and underlined the issue of climate resiliency”
A significant July Earthquake in Iran
Devastating Flooding in Iran in July
Flooding occurred on the Black Sea coast of Turkey in June
The Middle East endured notable flooding and earthquake events, which took a significant toll on human life and property in the region.”
Middle East
European Windstorm Series in February
Hurricane Ian – the Costliest Event of the Year
Global Drought and Heatwaves
Despite the devastating events in Pakistan and elsewhere, total economic losses in Asia were significantly lower than recent averages for the region.”
The worst seasonal flooding in years affected West and Central Africa
A record-tying 6 storms made landfall in Madagascar in Q1: Ana, Batsirai, Dumako, Emnati, Gombe and Jasmine
Deadly flooding in KwaZulu Natal is the costliest flood event on record in South Africa
Severe drought in Eastern Africa and historic flooding in the western and central parts of the continent affected millions of the most vulnerable and underlined the issue of climate resiliency”
Africa
European Windstorm Series in February
Hurricane Ian – the Costliest Event of the Year
Global Drought and Heatwaves
Flood losses in Oceania broke historical records as the region suffered a third La Niña year, with the wettest winter in New Zealand and new rainfall records in Sydney.”
The worst seasonal flooding in years affected West and Central Africa
A record-tying 6 storms made landfall in Madagascar in Q1: Ana, Batsirai, Dumako, Emnati, Gombe and Jasmine
Deadly flooding in KwaZulu Natal is the costliest flood event on record in South Africa
Severe drought in Eastern Africa and historic flooding in the western and central parts of the continent affected millions of the most vulnerable and underlined the issue of climate resiliency”
Asia
Sydney floods in July amid the wettest year on record
The eruption of the Hunga-Tonga-Ha’apai volcano on January 15
East Coast floods in Q1 became the costliest insured event on record in Australia
Flood losses in Oceania broke historical records as the region suffered a third La Niña year, with the wettest winter in New Zealand and new rainfall records in Sydney.”
Oceania
View Regional Catastrophe Review
View Regional Catastrophe Review
View Regional Catastrophe Review
View Regional Catastrophe Review
View Regional Catastrophe Review
View Regional Catastrophe Review
View Regional Catastrophe Review
View Regional Catastrophe Review
Reinsurance Solutions
Reinsurance Solutions
Deadly Flooding in Missouri and Kentucky in July
Severe convective storm outbreaks, including the Midwest derecho in May
Hurricane Ian is the second costliest insured event on record globally (behind Katrina)
Varying levels of resilience seen in different regions of the world in the aftermath of 2022 events reiterate the need for building towards better preparedness and risk management”
U.S.
View Regional Catastrophe Review
Subtropical storm Yakecan hit Brazil and Uruguay in May
A prolonged rainy season in Colombia and Venezuela claimed hundreds of lives
A record heatwave in January, notably in Argentina
Varying levels of resilience seen in different regions of the world in the aftermath of 2022 events reiterate the need for building towards better preparedness and risk management”
South America
View Regional Catastrophe Review
Hurricane Julia affected Central America in October
Hurricane Fiona hit Eastern Canada in September
A derecho in Southern Ontario and Quebec in May
Varying levels of resilience seen in different regions of the world in the aftermath of 2022 events reiterate the need for building towards better preparedness and risk management”
North America
View Regional Catastrophe Review
(non-U.S.)
Europe was engulfed by heat and drought during the summer months
Severe convective storms and hailstorms in May and June were the costliest on record in France
A series of windstorms Dudley, Eunice and Franklin in February
Varying levels of resilience seen in different regions of the world in the aftermath of 2022 events reiterate the need for building towards better preparedness and risk management”
Europe
View Regional Catastrophe Review
A significant July Earthquake in Iran
Devastating Flooding in Iran in July
Flooding occurred on the Black Sea coast of Turkey in June
Varying levels of resilience seen in different regions of the world in the aftermath of 2022 events reiterate the need for building towards better preparedness and risk management”
Middle East
View Regional Catastrophe Review
The worst seasonal flooding in years affected West and Central Africa
A record-tying 6 storms made landfall in Madagascar in Q1: Ana, Batsirai, Dumako, Emnati, Gombe and Jasmine
Deadly flooding in KwaZulu Natal is the costliest flood event on record in South Africa
Varying levels of resilience seen in different regions of the world in the aftermath of 2022 events reiterate the need for building towards better preparedness and risk management”
Africa
View Regional Catastrophe Review
There were more than 1,500 earthquake-related deaths in Asia
Deadly floods in Pakistan
A nationwide heatwave and Yangtze River drought in China
Varying levels of resilience seen in different regions of the world in the aftermath of 2022 events reiterate the need for building towards better preparedness and risk management”
Asia
View Regional Catastrophe Review
Sydney floods in July amid the wettest year on record
The eruption of the Hunga-Tonga-Ha’apai volcano on January 15
East Coast floods in Q1 became the costliest insured event on record in Australia
Varying levels of resilience seen in different regions of the world in the aftermath of 2022 events reiterate the need for building towards better preparedness and risk management”
Oceania
View Regional Catastrophe Review
