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 Northern Ireland News.

More Information

6 ℃

Mostly Cloudy in Belfast/City

United Kingdom

Section

UK war crimes probe issues call for evidence

The investigation into extrajudicial killings by British troops in Afghanistan was announced last yearAn independent inquiry into alleged illegal killings ...

Manchester United sale: Qatar's Sheikh Jassim, Jim Ratcliffe's INEOS given extensions to submit second bids

Manchester [UK], March 23 (ANI): Qatar's Sheikh Jassim and Jim Ratcliffe's INEOS have been given extensions to submit their second ...

Lok Sabha, Rajya Sabha adjourned till 2 PM

New Delhi [India], March 23 (ANI): Both Houes of Parliament on Thursday were adjourned till 2 pm, within minutes after ...

How a Russian prince helped shape the CIA & U.S. Army Special Forces

Prince Serge Obolensky became a U.S. commando at the age of 53 and single-handedly liberated Sardinia from thousands of enemy ...

Why bioplastics won't solve our plastic problems

Last month, Victoria banned plastic straws, crockery and polystyrene containers, following similar bans in South Australia, Western Australia, New South ...

PM Modi pays tributes to freedom fighters Bhagat Singh, Sukhdev, and Rajguru on Shaheed Diwas

New Delhi [India], March 23 (ANI): Prime Minister Narendra Modi on Thursday paid tributes to freedom fighters Bhagat Singh, Sukhdev, ...

International

Section