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.