Natural disasters, many driven by climate change, caused global economic losses of $313 billion in 2022, insurance broker Aon estimated on Wednesday, of which less than half was insured. | Reuters
Chajas fly in the Navarro lagoon, which dried up due to the climate phenomenon La Nina, in Navarro, in Buenos Aires province, Argentina December 5, 2022. , caused global economic losses of $313 billion in 2022, insurance broker Aon estimated on Wednesday, of which less than half was insured.
Losses from natural catastrophes covered by the insurance sector amounted to $132 billion, 57% above the 21st-century average, it added, leaving a global ‘protection gap’ of 58%.Yet, while the number of catastrophic events such as floods and hurricanes rose – at least 421 individual events compared to an average of 396 since 2000 – Aon said the protection gap was one of the lowest on record.
“It was relatively low due to the fact that many of the costliest disasters occurred in countries with mature insurance markets such as U.S. or Europe, whereas losses in less-covered regions such as Asia were well below average,” Michal Lörinc, head of catastrophe insight at Aon, told Reuters.
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