Natural disasters caused US$100 billion in insured losses in 2023: Swiss Re

Earthquakes in Turkey and Syria, wildfires in Hawaii and other natural catastrophes have caused an estimated US$100 billion in insured losses so far in 2023, down from the previous year but still well above normal, Swiss Re estimated on Thursday (Dec 7).

The tally, which compares with US$133 billion in 2022 and a 10-year average of US$89 billion a year, is one of the first estimates by a major insurer for the year.

Insurers have been raising the rates they charge as a result of increasing disasters, and in some places they have stopped providing coverage.

Swiss Re said that insured losses from severe thunderstorms were a record US$60 billion, with big losses in the US and in Europe.

Total economic losses from natural catastrophes, including those that are not insured, were an estimated US$260 billion in 2023, down from US$286 billion a year earlier but above the 10-year average of US$223 billion.

Munich Re is due to release its annual catastrophe report in January. REUTERS