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Global economy takes USD313bn hit from natural disasters

Insurance broker Aon said natural disasters last year caused global economic losses of USD313bn and less than half of these losses were insured. The amount of losses was 4% above the 21st-century average. Data show that 2022 was the fifth costliest year on record for insurers, with approximately USD50-55bn of the global insured loss total resulting from Hurricane Ian in the United States - the second-costliest natural catastrophe in history from an insurance perspective, surpassed only by Hurricane Katrina in 2005, which resulted in nearly USD100bn in insured losses on a price-inflated basis. While a majority of total losses in 2022 were left uninsured, the 58% “protection gap” was one of the lowest on record, highlighting a positive shift in how businesses are navigating volatility through risk mitigation, and how insurers are providing further protection to underserved communities through access to capital, according to Aon's report.


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