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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With new extreme weather records broken and disasters affecting highly exposed areas, 2022 served as another reminder of climate change’s impact and the need to strengthen resilience across the globe. As we seek ways to better prepare and protect our communities in the future, we must understand the natural disaster trends of today.
4 Learnings from Natural Catastrophes for 2023
Learn from 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.
42% Insured Loss - $132 billion
58% Global Protection Gap - $181 billion
Economic loss:
$313 billion
All figures in 2022 U.S. Dollars
Approximately 42 percent of losses were covered by insurance. While the protection gap (58 percent) was the lowest on record, it remains a global challenge but also shows an opportunity to provide further protection
Economic Losses from Natural Disasters were Estimated at $313 Billion in 2022
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Hurricane Ian was responsible for about 30 percent of economic and 40 percent of insured losses globally
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
Flooding events drove losses in Asia-Pacific
Three drought events were among the top 10 economic loss disasters
View 2022 natural disaster events and loss trends
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Macroeconomic factors and uniqueness of the insurance space in Florida will impact loss development in the aftermath of Hurricane Ian”
Deadly flooding in Missouri and Kentucky in July left 43 fatalities
Severe convective storm outbreaks resulted in insured losses of $29 billion
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”
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 affected central parts of the continent in January
Both severe drought conditions and a prolonged rainy season in different regions of Latin America reduced agricultural crop yield across the region”
The May derecho impacted the most densely populated area of Canada, which drove payouts beyond CAD1.0 billion”
South America
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 claimed 91 lives in Central America in October
The May derecho was one of the costliest severe convective storm outbreaks in Canada’s history
After impacting Puerto Rico, Hurricane Fiona became the most intense post-tropical storm to hit Canada
The May derecho impacted the most densely populated area of Canada, which drove payouts beyond CAD1.0 billion”
North America
(non U.S.)
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
Hailstorms in May and June drove the 2nd highest insured losses in France on record
A series of windstorms Dudley, Eunice and Franklin caused $4.7 billion of insured loss 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 caused notable losses in Iran
Devastating July floods in Iran claimed nearly 100 lives
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
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, particularly Nigeria
A record-tying 6 storms made landfall in Madagascar in Q1: Ana, Batsirai, Dumako, Emnati, Gombe and Jasmine
Deadly flooding in South Africa became the
costliest event for the national insurance industry on record
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.”
There were more than 1,500 erthquake-related deaths in Asia
Pakistan floods resulted in a far-reaching humanitarian disaster
A nationwide heatwave and a drought in the Yangtze River basin impacted China
Despite the devastating events in Pakistan and elsewhere, total economic losses in Asia were significantly lower than recent
averages for the region”
Asia
Sydney recorded its wettest year on record
The eruption of the Hunga-Tonga-Ha’apai volcano sent shockwaves around the world 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
Climate Change
Climate Change
Deadly flooding in Missouri and Kentucky in July left 43 fatalities
Severe convective storm outbreaks resulted in insured losses of $29 billion
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 affected central parts of the continent in January
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 claimed 91 lives in Central America in October
The May derecho was one of the costliest severe convective storm outbreaks in Canada’s history
After impacting Puerto Rico, Hurricane Fiona became the most intense post-tropical storm to hit Canada
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
Hailstorms in May and June drove the 2nd highest insured losses in France on record
A series of windstorms Dudley, Eunice and Franklin caused $4.7 billion of insured loss 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 caused notable losses in Iran
Devastating July floods in Iran claimed nearly 100 lives
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, particularly Nigeria
A record-tying 6 storms made landfall in Madagascar in Q1: Ana, Batsirai, Dumako, Emnati, Gombe and Jasmine
Deadly flooding in South Africa became the costliest event for the national insurance industry on record
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 erthquake-related deaths in Asia
Pakistan floods resulted in a far-reaching humanitarian disaster
A nationwide heatwave and a drought in the Yangtze River basin impacted 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 recorded its wettest year on record
The eruption of the Hunga-Tonga-Ha’apai volcano sent shockwaves around the world 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
