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

Sun, 26 Mar 2023

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 Belgium Sun.

More Information

7 ℃

Rain in Brussels

Europe

Section

In huge increase, Ireland to spend 350m euros on homeless in 2023

DUBLIN, Ireland: Local authorities throughout Ireland are set to spend 350 million euros to house the country's homeless in 2023, ...

Demand for US flights to Europe jumps 37%, prices also rise

LONDON, England: Despite rising air fares, a potential global economic recession and risks of gridlock at some airports in Europe ...

Ireland sees greatest jump in life expectancy among all of EU

DUBLIN, Ireland: Ireland's life expectancy has seen the greatest gains among all EU nations, according to one of the country's ...

France says fishermen must end deaths of dolphins-porpoises in nets

PARIS, France: Amidst the mass deaths of dolphins and porpoises in recent years, France's highest administrative body has ordered the ...

Ukraine to receive more artillery shells from EU after agreement ok'd

BRUSSELS, Belgium: While chairing a meeting of EU foreign and defense ministers in Brussels this week, European Union (EU) foreign ...

If Putin comes to Ireland he would be arrested, says Dept of Justice

DUBLIN, Ireland: Ireland's Department of Justice has acknowledged that it would arrest Russian President Vladimir Putin on charges of war ...

International

Section

In rare move, Cambodia arrests two for insulting king

PHNOM PENH, Cambodia: Two Cambodian opposition figures--- Yim Sinorn and Hun Kosal--- have been charged under the country's rarely used ...

Deaf student can sue for denial of education, says US Supreme Court

WASHINGTON D.C.: The US Supreme Court has ruled that a deaf student in Michigan can sue his public school district, ...

Following Chinese aggression, four US bases coming to Philippines

MANILA, Philippines: Under a defense agreement with the U.S., four new military bases will be located in various parts of ...

Jump in reporting of new fungus found in US hospitals

WASHINGTON D.C.: The US Centers for Disease Control and Prevention (CDC) has reported that infections by the potentially deadly fungus ...

Copyright law to be decided by Supreme Court in Jack Daniel's toy case

WASHINGTON D.C.: The US Supreme Court will hear a trademark dispute over a dog toy shaped like a Jack Daniel's ...

Despite promises, girls again barred from schools in Afghanistan

KABUL, Afghanistan: Afghanistan's education ministry has announced that the country's school year has begun, but the United Nations children's agency, ...

Movie Review

Play Misty for Me