The global insurance industry has racked up $50bn in losses from natural catastrophes in the worst start to a year since 2011. A series of widespread thunderstorms in the US and account for 68% of losses in the first half of 2023, and the February earthquake in Turkey and Syria was the single costliest disaster both in terms of economic and insured losses.
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Insurers rack up $50bn in losses from natural catastrophes this year
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Severe convective storms – storms associated with thunder, lightning, heavy rain, hail, strong winds and sudden temperature changes – caused USD 35 billion (nearly 70%) in insured losses worldwide in the first half of 2023. This means that insured losses are almost twice as high in a six-month period as the annual average of the last ten years (USD 18.4 billion).
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