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2023 So Far: $194 Billion in Disaster Losses

August 9, 2023 Leave a comment DRI Admin

Due to earthquakes, extreme heatwaves and other massively expensive events, economic loss estimates from global natural disasters are the fifth highest this century.

Aon’s Global Catastrophe Recap for the first half the year estimates $194 billion in losses. Nearly half of this can be attributed to the earthquake destruction in Turkey and Syria in February, which alone accounted for $91 billion and is the deadliest disaster sine 2010.

Severe storms in the U.S. also added to the tally, with at least 13 individual billion-dollar events resulting in $34 billion in insured losses – a new record for the first half of a year.

Among other notable disasters so far this year, the Canadian wildfires destroyed more than 24.7 million acres (and created hazardous air conditions across North America), which has resulted in hundreds of millions in estimated losses. However, property damage remained relatively insignificant.

One trend to keep an eye on as the year progresses: heatwaves. The global sea surface temperature has been extremely high – with some recorded temps higher than any years since 1981.

Click here to read the complete report.

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