Data from insurance and reinsurance broker Aon finds that globally, insured losses from natural disaster events totalled $39 billion in the first half of 2022, which is roughly 18% above the 21st century average.
According to a news report by Reinsurance News, in contrast to the above average volume of catastrophe losses experienced in the six-month period, global economic losses from natural disasters are preliminary down 24% on the 21st Century average of $121 billion, at $92 billion.
This is all according to Aon’s First Half of 2022 Global Catastrophe Recap, which, examines a period marked by large-scale disasters on almost every continent, which ultimately resulted in above-average losses for the re/insurance sector.
“The first half also saw brand new complexities added to the event response process (including higher replacement costs and reinsurance placements) that were influenced by challenging outside societal and financial factors – notably the war in Ukraine and the highest inflation seen in decades,” says Aon.
In terms of insured losses, persistent severe convective storm (SCS) activity, notably in the U.S. and Europe, was a key driver in H1 2022, according to Aon.
All in all, the broker has recorded at least nine separate billion-dollar insured events in the opening six months of 2022, all but one of which were weather-related. Further, at least 20 events were recorded with at least $500 million in insured losses, which Aon says ties H1 2022 with 2011 as the second highest H1 total this century, behind only the 24 seen in H1 2020.
