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The world recorded a record 142 natural catastrophes with insured losses

Insured losses caused by natural catastrophes worldwide reached US$108 billion (equivalent to R$537.6 billion) last year, according to the Swiss Re Institute. It was the fourth consecutive year in which losses exceeded US$100 billion, and a survey by the institute shows that, with climate change, losses are likely to increase.

In 2023, the largest loss event was the earthquake that hit Syria and Turkey in February, with insured losses estimated at $6.2 billion. The survey points out that the factor that drove the total loss worldwide was the greater frequency of catastrophic events, especially the most severe storms.

There were a total of 142 natural catastrophes with insured losses, a new record. The largest portion, 30 events, had medium severity, with losses between US$1 million and US$5 million. Of these, 21 were severe storms, a number that was also a record.
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The Swiss Re Institute points out that insured losses could double in the next ten years with the increase in temperatures and, consequently, the extreme weather events associated with them. Over the last 30 years, insured losses resulting from natural catastrophes have grown by an average of 5.9% per year, while global GDP has increased by 2.7% per year.

“Even without a historic storm on the scale of Hurricane Ian, which hit Florida the previous year, global losses from natural catastrophes in 2023 were severe. This reaffirms the trend of losses over the last 30 years that has been driven by the increase in assets in regions vulnerable to natural catastrophes”, says Swiss Re Group’s chief economist, Jérôme Jean Haegeli, in a note.

“More violent storms and larger floods fueled by global warming are expected to contribute more to losses. This demonstrates how urgent the need for action is, especially when taking into account the structurally higher inflation that has caused post-disaster costs to soar,” he says.

Moses Ojeisekhoba, global CEO of customers and solutions at Swiss Re, says economies need to focus on reducing the potential for losses. “As climate hazards intensify due to climate change, risk assessment and insurance premiums must keep pace with the rapidly evolving risk landscape.”

Link: https://www.infomoney.com.br/minhas-financas/perdas-seguradas-com-catastrofes-naturais-batem-recorde-e-vao-a-us-108-bi-em-2023/

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