The report reveals that global natural disaster events during 1H 2022 caused total economic losses estimated at USD 92 billion, which Is 24% lower than the 21st century average of USD 121 billion. Global insured losses were estimated at USD 39 billion, which is 18% higher than the 21st century average of USD 33 billion.
Natural disasters were responsible for approximately 4,400 fatalities during the first half of 2022, significantly below the 21st century average of 26,700 and the median of 6,400. The 197 notable natural disaster events recorded by Impact Forecasting for 1H 2022 was above the 21st century average of 192, the report says.
"The continued effects of La Ni?a conditions, amplified by climate change's influence on global weather patterns, not only increased volatility and intensified many events, but also dictated the location. While the re/insurance industry remains resilient in handling elevated loss costs, the focus now shifts to the upcoming peak of the Atlantic Hurricane Season, which may bring new challenges during the second half of the year. Natural catastrophes are a recurring phenomenon that can lead to significant disruption and damage while directly impacting human livelihoods. As these events occur within a complex world where outside factors can enhance the impacts of these events, the importance of addressing the underserved and helping others in their time of need with better information and insights will only grow in the future", Steve Bowen, managing director and head of Catastrophe Insight for Aon's Impact Forecasting team, commented.
To view the full report, please, follow IF 1H 2022 Global Recap_Final.pdf.